CAP rates are a crummy way to value residential real estate and an equally crummy measure of financial performance for all of the reasons mentioned above and more ... you may disagree, but since the only other person out there that regularly disagreed with you on this was kicked off this site for doing so, and just about every other turnkey operator seem to be in the business of perpetuating it as a metric to try to artificially pump up the attractiveness of their offerings and scam newbies, please forgive me if I try to offer some counterbalance and perspective to other new investors who would otherwise not have any other exposure to such radical ideas as using CAP rates the way they were designed to be used by the professionals who use them.

With those altered figures, how does this rental strike you from a numbers perspective?

I think that you'd be wise to engage in a fundamental shift in thinking about CapEx--at least with your first rental. 

The issue is she never had a retirement plan with regard to these properties (in the sense that traditional stock planning has one shift assets from growth to stability as one gets older).

To get that fixed it is like $1.80 at Lowes.....So it is all dependent on your perspective.

Your goal is relatively simple, "Make the smartest investment from a cash-flow and/or appreciation perspective with a 10 year time horizon". 

When the market shifts to a buyers market, rents will stabilize but rarely go down and if they do go down its very little.I'm no expert that's just my observation.

There are a lot of people who don't understand that their perspective is just that...theirs!  

it truly was a life changing paradigm shift!

I would have found it a hindrance over the years from the seller's perspective.