If lenders do factor in take-home pay, would it be advised to scale back on contributions for a couple of months in order to get approved for a larger amount?

In my case I chose time to be the most flexible factor.

4 - What would you estimate for average monthly power, gas, water, and trash (I know, this is going to be a wide range depending on # of occupants, climate sensitivity factors, etc)?

. $225k could be a great entry point, or a terrible one depending on many factors.

You don't have to sacrifice integrity to be nice.

That means working with an agent who knows the city inside out.Don't Overlook the Hidden Costs of TransportationIf you have a car, factor in parking — possibly a monthly fee (Especially in downtown and Montrose, Houston).

Principal and interest payments are not a factor in cap rate.Cap rate is the Net Operating Income (NOI) divided by the property value. 

It comes down to your comfortability.With 2-4 units, you would qualify for a higher loan amount because they factor in the income from the other units.Whenever I write offers that are not accepted, I always ask for feedback as to why the other offer got accepted.  

The cap was the go-to metric 15 years ago when I started investing, now it seems way more factors come into play, such as appreciation, quality of the property (I bought something with a 22% cap in Braddock PA last year, but also the wind could blow it over at any minute...), and estimated future value increases.  

Hence one of the factors driving up the acquisition price.