Your 20% pro forma and 12 cap rate calculations for C and D class properties are pure BS unless you have #3. 

Stop hanging out with your deadbeat buddies that spend all day drinking, talking sports, and otherwise wasting away.

We hold 4 investment properties for pure cash flow (3 are paid off completely), 2 principally as investments in potential appreciation on a 3-5 year time horizon  (they are breaking even in the mean time), 1 as a prospective flip in progress, 1 as a vacation home (Gulf front in Florida) and 1, a small farm in upstate New York, principally as an investment on a longer than 3-5 year time horizon ( I hope to move there one day and grow some grapes as it is within the Finger Lakes appellation).   

Many pure cash flow investors are seeking markets like Rock County and Milwaukee. 

There's a LOT to be considered, like drinking from a fire hose, as it differs a ton from long term rentals, but where's there's pain, there is indeed money.  

I know this is like drinking from the fire hose, but start to hone in on what you are looking for as much as you can. 

. $5K a month in pure cashflow (after all expenses).

Stocks are a pure gamble 

If I look at this from purely a math problem then here is how I see it.  450k purchase 30k down, Mortgage 420k, 30yr@ 6.5%, Taxes 9k/yr, Ins 1.5k/yr, HOA (New Built, $100/monthly) 1.2k/yr, PMI 2.1k/yr ($175/monthly); For a total monthly payment of $3800.  

This move would be much more about us being near family than a pure investment.