Also factor in your cost of finance over your cap rate.

However an account for reserves - cap ex etc is a good idea. 

IE looked great on paper.. but C class or worse Maybe.. and as others stated generally speaking you need to self manage C class.. its a JOB your job is managing  your portfolio top to bottom.. just like if you own a car agency you go to work every day.. or a subway shop or any number of small business's A and B class in almost all metros will be small yeild 3 4 mabye 5 cap.. but its sustainable. its the reaching for the out of area 8 to 12 caps that become negative CAPS..   

Know what cap rate and cash on cash return your looking for. 

When I crunch the numbers, using Bigger Pockets rec for 5% repairs, 5% vacancy, 10% cap ex, etc., we end up breaking even, zero cash flow.  

@David Taylor basic criteria for most investors is: $100+ per door, 10% CoC and 10% Cap rate.

Good 10-12 CAPs.

Any Fort Worth/ Tarrant County people out there with knowledge of the caps?   

There are plenty out there (Chase Ink, Cap One Spark), etc.

In actuality, you can start the cash out refinance 1 day after closing on the cash purchase but that is when you are capped on the new loan amount to be no greater than the purchase price + closing costs.