As you mentioned, there are several carriers which will cap the number of properties, or have similar measures, which often make things difficult for RE Investors and the Like. 

Hi @Ross Drucker,You know that Fannie's cap is 10 financed properties, right, not the 4 that many people claim?

Hagerstown is attractive to investors due to the low entry price points and high cap rates but understand it is a cash flow only type area. 

You need to figure out exactly how to calculate them and figure them out so you can calculate the NOI and determine the cap rate of your market.

I've seen some of the lowest from Safeco in different cities.Other operating expenses can be estimated as well as a percentage of the gross (maintenance and cap ex, for example) or property value (property taxes).

I've done some extensive top-down research on attractive cities for single-family or small multi-family (duplex, triplex) buy & hold rentals and Philadelphia has come out on top.I'm looking to understand what would be a reasonable gross cap-rate to expect when investing in Philadelphia given a budget of $150K - $200K.

I'd love to continue the discussion:- Maintenance budget and Cap Reserve will be reserved at about $300 per unit per year.  

The property is located here:http://www.realtor.com/realestateandhomes-detail/578-580-E-New-York-St_Aurora_IL_60505_M87021-59623Again, im interested to see how accurate my numbers look (ie taxes/closing costs/cap ex/rent/ect.).?  

What is the current cap rate and what are the cap rates in your area for similar properties?

Particularly surprised Loopnet didn't bring you lots of prospective buyers, unless you're pricing them at Big City cap rates while these are in the country.