When it lives, it works for you, making more money without your help, and potentially has a "shelf life" of infinity. 

Accepting a lower Cap Rate needs to also be compensated with higher Rents later on, increasing your Cash Flow and translating to higher Property Values as a result.In other words, don't buy Low Cap Rate Properties without a good probability that you will be compensated with increases in stable future rents and increasing stable cash flows.As an aside, I buy in Brooklyn, usually with around 5% Cap Rate properties.

There are probably some gems in there in stable parts of town, but I am not familiar enough with the area to make that assessment so I rule them out.

I meant stable meaning occupancy is stable at high 88%+ on a seriously ****** building, and I would rehab it and try to raise rents; if I thought there was a market for higher rents.

I would like to buy and hold rental properties with a focus on building a small portfolio of multi-family homes in a location that offers stable, professional tenants and families.  

For instance, if I am looking for a 12 CAP (less stable but better ROI) and the NOI is $100,000 I would want to pay $833,333 for the property.  

It is not easy to pay off these debts once I lost stable employment I once had.

This whole idea hinges on the property being stable, not having a high turnover, and being able to infill units pretty quickly.

You can have assets and a stable job in your favor, but if the FICO score is low, with a bankruptcy showing, it'll be difficult, especially as an investor.

Definitely hold off until you have a stable job with fixed income.