You should look more at how the house flows.

It sounds like the property will cash flow but not much.

It's likely that there will be ebb and flow in various markets, but I think places like Detroit and Cleveland etc have an uphill battle trying too regain former glory.

Did the Riverwalk suddenly start flowing backwards?

We unfortunately had to replace the refrigerator and dryer this year which made us cash flow negative. 

If it were me, I would calculate PITI + any other costs you as the landlord would pay, then see how much that leaves you cash flowing at the end of the month. 

Initially the cash on cash will not make sense but if you can buy the property and implement a proper value add strategy business plan that many times it will begin the cash flow better.

Recession resistant asset class (people downsize, move in together, move back home, etc. during recessions)Cash flowing asset (not dependent on market appreciation)People buy a lot of crap and toys during good economic times (and need a place to put it)75% of the facilities in the country are owned by non-institutional owners (opportunity for adding value)Small ($10-30) rental increases create large increases in NOI and property valuationSticky tenant baseUnits are easy to maintain (brick and metal, no amenities, little landscaping)Location, population growth, and barriers to entry matter. 

@David BardwellAll the properties I’m evaluating seem to be way off on cash flow.

They are paid a return (and eventually their principal back) via cash flow and/or from the sales proceeds when the property is sold.