No cap ex.  

Ex: Buy a 6.00% cap.

No way I could have done as well with good cash flow but no value add or appreciation.For those without significant reserves, cash flow can be necessary to handle regular events (maintenance/cap ex, vacancy, property tax and/or insurance increase) as well as potential unexpected events (tenant not paying and not vacating, rent decrease, etc).  

Is all major cap ex addressed? 

I also purchased a beautiful loft with an ex years ago - there was NO commercial business to contribute to their tax base in that town so when we purchased it, the taxes doubled!

You may either need to buy a larger multifamily (ex. 3-4 units) or purchase a value add duplex.

EX: Cookie sheets, can openers, potato peelers, maybe a crock pot? 

Does your cash flow include subtracting 10% for property management in the future, as well as 3% for cap ex - as @BrandonTurner suggests?

The numbers are in for 2021... 6 doors acquired in 2021... 8 total doors owned (all SFR)54k in rents, 24k expenses, 30k cap ex, and 30,500k in PITI...For a grand total of -31k net cash flow!!!

Put a structure of exposure(ex. 50% hard assets like RE, 25% equities, 25% debt funds) with $Y as original investment and make it flexible as you see opportunity come and as your income varies.