Even Midwestern markets properties are trading at a much lower clip than 12% ROI for properties.

Cap rate is the Net Operating Income (excluding the cost of money) divided by the Purchase price.In Lower cap rate market you will pay higher price to own a property. lets say 100k income at 10% cap = 1million priceSame income 100k at 6cap market = $1.666million priceWhy THEY have?

Brokers can see who has lower fees on any given day.

I know I’ll have to do a lot of leg work myself, but the barrier to entry is pretty high, so I’ll need help to start with

Any idea of cost per sqft on construction with lower end finishes? 

If it is newly renovated, why are the rents lower than market?  

total waste of your time and effort... only way to work on this is if you have significant equity.you wont get the bank to lower their fee's no way..but if you want to fool with it for practice or just because it could be a good learning experience for you  to realize you cant work with these sitautions this late in the game unless your going to stroke a check ..

But you have a family, look into 4 plex and duplex where you can house hack live in one place with lower down payment than an investment loan and rent out the other spots.

The lower purchase price helps me REFI more money out of the deal and increase my COC return but doesn't affect the cash flow after REFI....

(House-A)I want to buy another (House-B), and then sell House-A.My lender has pre-approved me or a mortgage for another house (House-B), without requiring me to sell my current house, (House-A)I want to do a BRRR and buy House-B with hard money , renovate and then utilize the mortgage to lower the interest rate and pull out most of the initial investment.If I borrow from the hard money lender, will that reduce my borrowing power for the new mortgage?