I also think vacancy at 5% is low, as is repairs at 5%.

To add on to what Curt and Dean said, multi family housing usually attracts a very low income tenant.

Aside from that you may be stuck having to save up the money for a future purchase to keep your risks as low as possible starting out.

Mom and Pop landlords are relegated to renting to low quality high risk tenants.

The appreciation on condos in our area are low.

Yes Mike, ground floor rolls everything into the loan, which helps keep holding costs low.

Due to the low price and timing, my full strategy is the following:Buy the property (all cash deal)After getting employment, Cash out refi this property to purchase 3-4 more properties.Cash Flow on the three to four new properties will be $350 per unit (total of $1,400-$1,750)Would like to get some feedback.

However, for a buy and hold strategy, the initial investment is pretty high and the cap rate is low. 

I've looked into them in the past as they would work well for me with low money down, i heard before that you had to pay monthly loan insurance(think it was around $100) and got nervous about it cutting into my cash flow to much.

I thought I had an exit strategy in place with a mortgage company including terms that were fixed and amortized for 30 years with the understanding they had to season for 6 months.