From a financial perspective, the numbers look attractive—many of these properties show a Cap Rate of 6%–8% or more, which is quite decent.For example, if a Dollar Store property is listed at $1.2 million with an average Net Operating Income (NOI) of $90,000 per year, financing 50% with a 6.5% APR, loan would still result in positive cash flow from day one.

@Joshua Christensen wouldn't expenses naturally be less if the seller's just spent about $75,000k on cap ex improvements? 

Set a utility usage cap that is stated and agreed to in your lease agreement.

Virtually all large cap ex items have a life time beyond 8 years.   

Georgia Amendment 1, which authorizes the General Assembly to implement a statewide homestead property tax exemption, has far-reaching implications for both current homeowners and the broader real estate market.Short-Term Positive Impacts for HomeownersThe primary benefit of Amendment 1 is the cap it places on the annual increase in a home’s assessed value, limiting it to the statewide inflation rate.

Since you put 5% down and the appraisal came in at $160K, your available equity might be limited since banks usually cap HELOCs at around 80-90% loan-to-value (LTV).

Even with these significantly elevated interest rates, are there markets where sufficient cap rates remain on multifamily to achieve that target?

Your ability to turn around a property with an 11% cap rate is a pretty strong selling point.

(To clarify, the metric I'm talking about isn't true cash-on-cash or cap rate, under strict definitions.

What are your buyers doing for debt if you're assuming a 7 cap?