Like objectively bad compared to people in other professions.

Knowing the Fort Collins market and it's price points a little bit, it doesn't sound like you're capitalized quite enough to get started flipping, especially when factoring in risk (properties in the $300-400k range will be high risk, not good locations).

I am starting to see some homes though in that price range. 

I know them well, I like them, and I trust them.My wife and I have purchased a wide range assets from PPR.  

I was thinking the house would rent for 1200-1350 but it seems now the range is 1000-1200 with 1200 being the highest for the area so may be hard to get.

Remember, no system is perfect, so avoid the temptation of constantly chasing after the next shiny object.

Let tenants know you'll keep it between a certain range of X - X in the summer or winter months.

Banks and Credit unions in the 7-9% range. 

I found a new build I like and in my price range while visiting Charlotte this weekend.

I did a quick google search for cap rates on apts in Muncie and I got a range of 8.13% to 9.50%.