I tend to look at real estate investing the same way as I look at investing in stocks.  

More food for thought... we only know what will happen today..... interest rates may be higher in the spring or the stock market could take a bigger hit.  

Life happens just like stocks go up and down.

The midatlantic does not have the stock of multifamily housing that you find in the northeast.

So does it make sense to put all 400k on that house which is what would be required to get a house in that price range based on income, or do I just accept that I can't afford a house here and put all that 400k in stocks/bonds and keep saving until I can afford something?

I have enough experience in investing in stock market and I am looking to diversify my income streams.Since I am just getting started, I would like to initially partner with someone to get exposure rather than jumping with both feet.

I have always managed my own real estate portfolio; I also have my Broker's license and I manage rental properties for others.I have been investing & trading stocks for over 10 years.

Overtime, it is easy to predict who is the one that is not frugal.

NOI is your nominal yield amount, the cap rate essentially provides you a yield % on your investment which provides clarity for comparison to other real estate options or dividend paying stocks or interest bearing bonds or any other investment which provides some form of cash return outside of simply appreciation.

I would look at a 6%, you have a 60 year old multi unit on Susquehanna next to public housing, yeah, I want 12%.Cash on cash is a better metric just on the fact that you can also compare this to how the stock market is doing and other investment (non-real estate) will do.