More doors, more return, more loans, more creativity, more more more..... what about 4-8 paid off rental properties in desirable areas w/ a super low headache factor throwing off $8-10K net per month? 

You will be hard pressed finding a lender who tells you they have never had a deal fall apart due to a low valuation.

Yet with rates higher and banks paying 5% ON CD'S why take the risk with such a low cap?

I've often heard BP use the terms "Cash Flow markets" and "Appreciation markets", and they are generally referring to low-priced markets as "Cash Flow" and high-priced markets as "Appreciation".

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23DSCR lenders generally let you vest either individually or as an LLC.

I am trying to at least reduce my monthly housing expense to under 1k.

Then I’d hire a professional PM, pay 2/3rds the expenses and keep 2/3rds of the income. 

You can even find discount brokerages that will charge 1% or even as low as $500.Just remember: you get what you pay for.

Do you have any capital expense required on this property?

The current interest rates are more the norm and what we saw for the last 10 years was 'free' money due to the low interest rates.