In some markets I'd agree with that cap rate for certain asset classes (A-B), but not all.

It may or may not be what you want to hear, but it should help get you from point A to point B.

You will have to determine is this a 6 cap property ie class b or better or 8 cap class c property.

With 60k you could buy, roughly, 5 x 50K homes that would all rent for 750-800 a month, in C+ B- neighborhoods.  

I do get close to that in that neighborhood but for your first property I highly suggest you look at a stronger c or b neighborhood.

Probably 5-15 units, B and C class, $200,000-$750,000.

You know, like make the offer of “a” or “b +closing”.

Determine what neighborhood(s) first, and that will help determine if you can afford a SFH or multifamily type property. b/ wait and refine your answer to Kris' question of your goals - you stated "But right now I'm not sure what my goals are, other than that I want to make a financially smart move.

They go in increments of 0.125% b/c British Empire.

Pick a solid B-Class suburban area.