Also, this deal will effectively knee cap any future investment in the next 5-10 years as i feel i will be extended as far as i currently m comfortable with.

Taxable Value has a cap depending on the state of how much the taxable value can increase based on occupancy.

I like to look at the cap rate of the property if I owned it then look at the financing separately. 

As a newbie I probably wouldn't have tackled this project.As is, you are looking at about a 5.5 cap rate. 

So these are my parameter.I use the payment of a 20 year mortgage no matter what I actually use.I make my vacancy, maintenance and cap ex expense at 25% of rent.I don't include property management (unless I am actually using one) because I do it myself.So, my numbers look like this -430 = loan150 = prop. taxes66 = prop mngmt75 = ins206 = maintenance, cap ex, vacancy927 = total monthly cost825 = rent received <102> = monthly negative cash flowEven if you remove the prop management, you are still at a negative cash flow.You can fudge the numbers in any deal to make it look good but you need to know what numbers you're going to include and exclude and the term of the loan that you are going to use to get every deal on a level playing field.If it was me, it's not good enough to lay out $17,000 for especially if you don't have money for the next house. 

It provides many strategies for managing your rental business and I found it quite helpful.As for your concern with large cap ex items such as roof replacement, HVAC etc, as long as you budget for those items and still cashflow, you should be ok? 

For plumbing, that means supply lines in place, capped or with shutoff valves and "charged" (i.e., full of water).  

I'm looking at a property in a nearby college town that currently has a 9% cap rate.

We bought the property as a long term buy hold and we currently sit on a cap rate of +5%.

Can someone explain to me the difference between Cap Rate and Pro Forma Cap Rate?