The ARV just doesn't support the cost of the repairs and the rents aren't high enough to cover the higher mortgage at the time of cash out. 

In just 8 months the replacement dryer is no longer working properly (sounds like same problem as last time- the clothes aren’t drying completely).

From my experience as a CPA, about half are local and half aren't.

It is what section 8 uses and even if you aren't marketing to that population it is a consistent index. 

They aren't heavily advertised just b/c most people, after the down payment, etc, don't have enough assets to move the needle.

As far as the property hunt, you aren't alone.

If the market is soft, cap rates go up because buyers aren't willing to pay as much for the income stream, usually because they think that the income stream isn't going to go up much, if at all, or might even go down.  

Consider a conventional loan if you qualify for it and aren't buying a multi-unit property. 

Most of the time when "wholesalers" ask this question, it's because they aren't doing anything and don't know what to do.

If you don’t have a lot of experience or first time doing one this size I’d bring it help so you aren’t missing anything.