My husband and I plan to get into buy and hold properties and eventually have enough properties to live off the cash flow from them (isn't that the dream for everyone?).

I hope to be able to get into a duplex or similar using FHA to ideally "live free" but understand that i may be in a tough market to live completely without expenses. i dont even dare dream about cashflow at the moment. moving from greenpoint to LIC to Astoria and now Pelham Bronx.

I specifically list breeds that I don't want(though a weight limit will fix most of that).  

Of course that means saving for a longer time, but that is a better option than giving up on your dream.

Is the 2% rule a pipe dream?

Does $9600 a month satisfy your dreams and desires?

For an existing apartment complex, the cost approach would not be applicable and more weight would be given to the income approach over the sales approach.As @Albert Bui stated above, banks/appraisers will determine an approximate cap rate using the income and price from similar properties (making adjustments for factors that might affect the property: age, unit size, amenities, etc.)They then draft a pro-forma income statement and apply the cap rate to determine the value.  

I'm a bean counter; so, fights over a financial metric are a dream come true.  

This alone is worth its weight in gold!

The disadvantages I hear people say, in my opinion don’t hold that much weight.