I would want an 8 cap min for a solid investment given the building is old and more expensive to upkeep, but it is likely the prices will not be that competitive in that neighborhood.

I would sell before the expenses push you into serious negative cash flow.Unless your rent is in the $2000/month range your are headed down a rabbit hole.

For example with parking lot annual snow removal can get expensive in a cold belt state.

I operate as an agent in a relatively expensive area in CT and this is a common question I get a lot from people as they start the process of buying a house hack.My clients who have had the most success have identified areas they felt comfortable living FIRST and then found a property that fit their budget.  

I assume pros would include more consistency in rent despite any vacancy and it would be very expensive for this tenant to move 11 homes, but less control of tenant quality, etc?

However, the alternative is really expensive.

This agreement maintains our right to pursue the borrower's personal guarantee and requires a scheduled payment of the full principal balance and legal expenses.

All the expense calculations are based on a percentage of rent.

I'm leaning at doing the deal as I'll come in with no expense and if the deal goes south then I have the down payment on the 260k and not the 229k that I am buying it at.

I'm using roughly the same expenses for all the properties, and I'm trying to be conservative.