I think it's a realistic goal for me to acquire one property a year for the next five years. 

Perhaps, realistically, you'll be able to find something in the higher end of your range for a single family.Separately, you could look deeper into Jersey City (like Greenville, though not sure about your comfort being further from the light rail and dealing with some crime issues) or alternatively in areas around Union City (North Bergen, West New York), although I'm not super optimistic you'll be able to find deals in that price range.

I know I know this has been asked a ton of times before, however, in the current market, what are some realistic cap rates for fully turn key (managed) properties (multi units/apartment block) one could achieve as an out of town investor in a relatively safe neighborhood with say $1m in cash to put towards a property?

SMART stands for Specific, Measurable, Attainable, Realistic and Time Bound..  

Realistically I consider 1.5%+ to be a good deal.

So should I get pre-approved now just to see where I stand so I can have a more realistic idea or no since it effects my credit?

So should I get pre-approved now just to see where I stand so I can have a more realistic idea or no since it effects my credit?

Long term not a lot different I would want cash flowing properties that have a realistic chance of 2% appreciation a year. 

I welcome advice about how realistic my goals are.I'm learning a lot from the BP community.

Offer to buy them coffee or lunch or bring them a deal or two.As you chart your course, what questions do you have in going from point A to B (to then C, D,...)People want to help newbies who are realistic and coachable.