It will take a while to find the sweet spot.  

My partner is pleased with the numbers and projections (I figure if I can make it work with silver and bronze, then the gold will be that much more sweet).

@Chad BellangerGuesstimate the rest of your expenses and put them here for better analysis but on the surface this looks like a sweet deal.

Sounds like you got yourself a sweet deal.

why buy one at all.I have had many clients over the years that did not own cars but owned some pretty sweet real estateOne was a 160 acre timber tract I paid 2 million cash for.. 

Sweet.

Sweet, now you're up to 60.5k. 

So you have lessened your risk when bad sh*t happens since you own it outright.But you have restricted your ability to expand, and scale because the $$ is all in your house....lower risk but lower returns......The "sweet spot" is to leverage enough to maximize your returns, but not enough that when bad stuff happens....and it will..... you don't collapse under all that leverage.

Line the bottom of the bucket in syrup (sweet, sticky stuff)4.

Most of the other high cap rate markets have stagnant or declining populations and jobs. markets like Dallas have booming poulations and job growth but week cap rates, It's a matter of finding that sweet spot,