I'm not sure if this property aligns with my goals of focusing on cash flow vs appreciation. 

These might align a lot better in a SFR. 

FIND and great broker and simply buy some mom and pops house that they lived in for 30 years in the market you want to be in .. and put it in service.. do a home inspection make them fix the honey do's and let your broker find you a deal.. then hand over to a competent PM.. take special note when you do home inspection on the major componants like heat and air  roof .. plumbing electrical.. 

Have discussions with your SO on what each of you wants out of life and see if you have alignment (family, friends, faith, finances, health, career). 

I met up with him through a local investor group, but I suggest going in and sitting down with 2-3 brokers and tell them what your plans are and align yourself with a win/win relationship. 

Part 2 will delineate the calculation of the ratios.Proforma AnalysisThe basics of a financial model or “proforma” for a development project:Income and ExpenseConstruction Period Cash FlowInternal Rate of ReturnIncome and Expense AnalysisOn apartment deal underwriting or financial analysis, we’ll first break it down very simply for you to gain an understanding of the fundamental components of income and expense analysis for an income producing property.

Used BMW suspension components ready to send back for the core ($60).

It doesn't make sense to walk a deal because of one component.  

Capital Expenditures Lifespan (years) Roof 25 Water Heater 10 All Appliances 10 Driveway/Parking Lot 50 HVAC 20 Flooring 6 Plumbing 30 Windows 50 Paint 5 Cabinets/Counters 20 Structure (foundation, framing) 50 Components (garage door, etc) 10 Landscaping 10

It will take 15 years to make your money back, which is to long for my goals, so make sure they align with yours before jumping in.