By reclassifying components, you can accelerate depreciation, often deducting 20-30% of your property's basis in year one.

Your arithmetic is fine.Where people get burned is this part: the cap rate you pick must match how the market defines NOI, and must match the risk and class of the asset you are actually buying.Two common mismatches in your NOI:A.

Brad Hill, MAA's President and incoming CEO, specifically cited WiFi and bulk cable services as significant value-adding components: "Those are some of the larger components of the fees that we do have."

Labor of course is a big component and markets will price their labor by competition.  

Next (after you've found a deal), be sure to capture the capex expenses based upon the life left of the components that will either need replacement or repair in due time.

What I feel that early partnerships work best when expectations and timelines are clearly defined from the start.Curious what asset class or strategy you are targeting for that first deal? 

That doesn’t make it wrong, it just defines the ceiling.If leveraging the paid-off properties is off the table, a few other paths to consider:• Let the fourth property stabilize and season, then use its cash flow plus savings for the next down payment instead of accelerating payoff• Focus on higher-cash-flow acquisitions so each new property contributes meaningfully to the next one• Consider partnerships or JV deals where you bring operational experience and capital discipline instead of leverage• Get very clear on your target pace.

I defined a “buy box” and stopped moving itPrice range, unit count, rent target, minimum cash flow.

Yes it’s possible if you have a clearly defined competitive advantage.

I’d suggest to the pros to spell it out better for the beginners or if you use one define it once in a while.