I am still contemplating whether or not I am going to buy mostly class C properties in the Midwest with very high cap rates and low to zero appreciation, or if I will mainly focus on class A and B properties with lower cap rates with higher appreciation potential and less vacancies and repairs.  

No, not buying another property with a ridiculously great cap rate -- Just Disneyland. 

The analysis needs these items, learn the terms and you can save the $59 bucks:purchase price (PP)down  payment (DP)   derived financed amount (FA)all numbers are annualized, rents for the whole year are GSIGSINOI  (just gsi less expenses)DSCR (debt service coverage ratio) = NOI / mortgage*12cash-on-cash:  NOI / down payment [how well your cash is performing]cap-rate:  NOI / PP [ how well this property generates cash]for an all cash sale, the DP = PP, cash-on-cash will become the cap-rate.

Is the 14% the cap rate or cash on cash after the $200K down payment? 

I did my business plan the old-fashioned way because I was to cheap to pay for the whiz bang ones out their. 

Another consideration is if lease rates are at market, above market, or below market.6% cap rate I believe the cap rate is much lower after standard underwriting is used.

Helmut:I assure you, I do not use the so called 1%, 2%, etc rules of thumb when analyzing a property ... nor do I put excessive credence in GRM, CAP, CoC or any of the single point-in-time ratios in isolation.  

Lincoln, NE prices have been going up and CAP rates going down for at least 5 years now.

Back then 5-6% cap was the norm.

CAP is $58,000, actual tax appraisal on home is $51,000.