I know about rent stabilization, inspections, section 8, cap rate, vacant rate, finding a good handyman.

I know there are caps on rental increases so what does this mean to me? 

Some of us sold because we've been doing it a long time and were tired, values and interest rates were high while cap rates were about even with the 2yr treasury yield. 

You can get as many owner finance deals as you want, no cap.

I followed through and got the deal done.NUMBERS:Purchase price: $103,500 (off market deal)Closing costs: $4,409Financing: 25% down, 6% fixed 30 year noteAppraisal: $117,500Renovations and deferred maintenance: ~$10,000PITI: $673/month (tax will likely go up next year; they are relatively high in this market which is one of the downsides)Vacancy, maintenance, long term cap ex: 15% of monthly incomeManagement: ~2% of monthly income (self-managing for now with Hemlane, cost is highest for the first unit due to flat annual fee for the software and decreases as properties are added due to nominal fee incurred with each additional unit).

Cleveland of course, Double digit net caps are to be had.

Meanwhile, MF cap rates might push this to $1.9M. 

NET cash flow around 1350-1500/moBuilding the 6 units from our best estimates would cost somewhere in the neighborhood of 1-1.2 MM, but with interest rates where they are for financing the construction, our  our NET cash flow would be lower in the short term, but our equity and long term income would skyrocket, especially with local cap rates continuing.  

If her income is over the cap, then a SFD with 5% down.Also (if I was coaching you), you should have used FHA before VA. 

Because housing is higher priced and rates have risen, your underwriting should be more conservative.  1) Use 10% Cap Ex, 10% Vacancy, 10% Management and see if it still cashflows. 2) Check HOA's fees and dues, as well as HOA regulation.