When I hear "small market" I think 8-10 caps, but maybe my small isn't the same as yours.  

Waiting too long may result in the applicant backing out, and thus, you would miss marketing to and approving other qualified tenants. 

I am new to indianapolis market, looking to build my team and maily need good investor friendly agent right now. my goal is to buy here around 5 assets a year for rental, in the price for about up to 150K cash per property.Thanks in advance for the answers :)

The Midwest market is absolutely on fire right now!

Always think it is extremely important to note that Cap Rate does not drive value on Single Family Rentals since NOI is not the factor for the vast majority of the market - only really relevant for Multifamily and Commercial (BP audience is generally skewed towards residential not commercial investing)

Utilizing Kim's local market expertise, we quickly assessed the property's potential.

Currently, I am renting a place from a very good friend at below market rent in a very small town.

Therefore, I will need to raise rents significantly to get closer to the pro forma market rent rate.

Because it’s a smart way to dip my toes into the real estate market without diving headfirst.

Cleveland is a solid market, I also like a similar market of Dayton, OH which is 50 minutes outside of Columbus and has similar cash flow with more landlord friendly laws.