Besides tenant acquisition/retention I was wondering if there was anything worth doing that would increase the value of the house.But, since it's a MFH the value would mostly come from cap rate, correct?

You should always create your business plan when you buy a property and know how much you will need to spend each year on cap ex.

@Chetan MalikAre you talking cashflow after setting aside for vacancy, cap ex, repairs ect.. or just 800 above the mortgage, insurance, fixed costs type stuff?

Hard to pass up people offering 4&5 cap offers.

After accounting for an increase in taxes, repairs (5%), vacancy (3%), and cap ex (10%) the property will cashflow about $650/mo!

I am OK also with lower CAP (hopefully 4%) as I am also using it for 2nd home.  

They capped the number of STR permits in addition to the spacing requirements. 

(market rents, age of cap expense items, prop mgmt fees etc).NOT to tell you that Des Moines is the best option for you, as I have no idea of your goals.  

They each have a market value of about $250k with a cap rate of about 5%.

Happy to talk more specifics such as Business growth here, CoC return, cap rates, etc.