Definitely speak with key non-recourse lenders like First Western Federal Savings or North American Savings bank about their programs before developing a strategy. 

And 36 Other Key Financial Measures, Updated Edition3.  

Aside from property taxes, and analyzing rents in the area what other key factors should I be looking at to establish cap rates and potential profit?

Traditional bank financing which has been the key for us.

You don't find those deals on turn key investments, they do require more work.

turn key and self manage What was the outcome?

While there is some risk as identified above, the estoppels are key for mitigating that.

It's what the professional does once the error is discovered that is key.

I also plan on installing key phob entry for the lobby, and some security cameras in the common areas to better secure the property and help the tenants feel safe.  

Also I have one house paid off so that always helps keep the cash flow if one or two are vacant. 3) Depending on the area you don't really want to go lower than 100-150k for a house (turn-key).