I found a new build I like and in my price range while visiting Charlotte this weekend.

I did a quick google search for cap rates on apts in Muncie and I got a range of 8.13% to 9.50%.

You're talking about the west side of Akron, which is a solid rental area and can range from C- to B; but most houses were built long before 2000 - typically in the post war boom 1940s-60s. 

Rental prices for a 3bd/2ba/2cg home 1500-2000sqft can easily range from $1,800-2,600 per month. 4) Major employers in Central NM include Sandia National Labs, Los Alamos National Labs, Kirtland Air Force Base, FBI, US Federal Government, State of New Mexico, ABQ Public Schools, University of New Mexico, Central NM Community College, Presbyterian Healthcare, Blue Cross Blue Shield, Lovelace Healthcare, UNM Hospitals/Cancer Center/Level I Trauma Center/Regional Medical Center, Netflix Studios & Film Industry, Solar Panel Manufacturing & Renewable Energy Industry, Meow Wolf, Amazon Fulfillment and Distribution Centers, etc.

I bought from a primary homeowner in Indianapolis metro area who took really good care of this home (I did live in this house and rented it out when I moved back to California) and from a flipper in Indy more recently.As far as primary homeowners, they can range from taking really good care of the house to someone who has a lot of deferred maintenance - I renovated a local property that had a lot of issues.  

Nonetheless, with your current mortgage rate and solid equity position, it’s definitely worth considering getting a good, respectable tenant in there and watching your equity grow.

For this project, that would mean targeting land in the $1.5 million range.

The companies we've interacted with have all been very professional, and they have appreciated being treated respectfully and professionally in return. 

Respectfully, I disagree about the screening process.

If you put the 300k down on say a $1m multifamily, it's only going to get you a 2-family if you are lucky and rents in the range of about $7,000, again, if you are lucky.