A lesson to remember,  under the newer VA rules the cap (eligibility remaining) really only kicks in if you want a second property. 

This includes getting comps or an appraisal to verify value, lenders title insurance,  a proper note and mortgage,  and you must be listed as a mortgagee on the borrowers property insurance policy.Our lending criteria in our lending business caps our loans at 65% of the after repair value and we control all rehab funds as we hold them in escrow. 

A bit long on the payback but add in any value increase to the property from doing it, including its increased attractiveness to condo conversion down the line, immediately better cap rate, etc...and it could be worth it.  

Depending on your budget I would check out a multifamily near Clarksville (army base) or an Airbnb in Gatlinburg (year round season and 10% cap rates) 

Depends on the cap rate for a given property. 

Never trust anyone's NOI or Cap rate figures. 

What is the minimum CAP rate to consider for a good investment(single family, duplex (2-)4 units?

Yes, the current NOI would yield a 5.7% cap rate.

. $0 down first time home buyer loan, no PMI, 40 year loan (lowers your payment even more), and get this, NO INCOME CAP!

We chose this product because it had a lower cap for the max interest rate and a longer draw period than other HELOCS we found.