A 9–10% cap rate with a 1.6 DSCR is strong, especially using 1031 equity.

After reading a bunch and slowly figuring out the terms like Cap rates, etc, and some legal pitfalls like getting sued over faulty deal (wow I didn't know that was a thing). 

Next steps: get pre-approved, set firm investment criteria (price, cash flow, cap rate, neighborhood deal-breakers), build a local team (agent, inspector, property manager, contractor), run real rent comps and conservative rehab budgets, start touring deals (or have your agent/video tour), and practice underwriting 5–10 deals so you can pull the trigger quickly; aim to buy the first one once your numbers, reserves, and team line up.

The cap rate on the property was a little over 4.5%.

Check the appraisal approach used.For small multis, the income approach should be weighted heavily.At $3,650/mo rent, even conservative cap rates often justify a higher value.4.

The most common issue is not using any methodology in selecting their projected maintenance/cap ex.  

For 2024, the allowable increase was capped at 10%.

They are buying at a 5 % cap rate with a fixed 5.7% loan amortized at 30yrs and first 2 yrs interest only, and they believe that they will sell at a 5% cap rate as well 5 long years from now.

And the other guy measured it and added in more waste, starter, and cap.

It’s funny — we spend so much time hunting for deals, analyzing cap rates, and negotiating offers…but the part that actually determines how much wealth we keep often gets ignored.I’m talking about the business side of investing — how you manage your numbers, track your expenses, and plan for taxes before tax season hits.I’ve worked with investors who made six figures flipping or holding rentals — and still ended up frustrated because their cash flow disappeared into poor bookkeeping, messy structures, or missed deductions.The ones who grow fastest?