I personally have no desire to manage my properties or do repairs, so my cash flow numbers need to have some serious cushion in them.As you said, it's in a good area, and not only does that (sometimes) equate to higher appreciation, but also less hassle and maintenance issues.How's the roof?  

The owner might be the most honest guy in the world and tell you exactly what his Capex costs have been right up front, but his costs don't necessarily equate to what your costs will be.

I point this out because I hear many newbies somehow want to equate the idea of some deep discount that a procuring bank or large investment fund received as being able to flow downstream into the street level investor.

That would equate to about $250,000.

But once again I run into the time part of the equation.....Anybody else seem to have "time" as their biggest barrier to further entry in real estate?

Also, in the cap rate equations (NOI)/(Cap Rate) = Value and (NOI)/(Price)= Cap Rate, does value and price mean the intrinsic value of the property or do they mean the market value and the market price of the property?

I generally try to avoid condos for a number of reasons, but lately I've run into a couple dealsthat have made me re-think this position.On my first few condos, I treated them the same as regular small residential properties, as @Nicole C. seems to be suggesting you do, but I've quickly realized that the equation can be a bit more complicated on a condo regime. 

My experience, each county has their own equation and method so some might be very close and some might be way off.  

He's a little on the young side (if you equate age with experience), but he works his a$$ off, demonstrates the utmost in integrity, and is always easy to get a hold of (answers my e-mails, text messages, and phone calls within an hour 99% of the time).http://www.riversidepropertymanager.com/

As i understand it if the APR (annual percentage rate) is 12% then to figure out your monthly interest payment you divide that number by 12 months (equaling 1% per month of the outstanding balance)The other part of the equation is what are the minimum payment terms?