So if you don't have direct NOI information from the buyer or seller of each sold property you cannot derive a cap rate. 

I pay my guys $25-30 an hour or some derivative of that.

I think we both agree CAP rate is a meaningless metric to value a SFR, if one is testifying as an expert witness in court, as it is not the metric by which value is primarily derived from when it comes to SFRs for the market as a whole.  

I included the formula for cap rate more of just a way to show where cap rate is derived from.

I have had my fun analyzing derivatives and companies via private equity eyes so i have a decent understanding of the market.

Vacancies are typically 8-12% and capex or reserves are typically 10%, both taken against the GSI as additional Expenses to derive the NOI. 

re: You can't afford a PM.If you buy into a cash flow of $1.95 (hyperbole) then you're premise is self-evident and from what I've been seeing on BP, that tends to be a norm - - buying into anything so I have something in RE.Hopefully, after reading, reading, reading, most will soon discover that RE profits are derived from buying smart (and that doesn't require flipping, wholesaling, or massive discounts). 

Fueled by easy-lending standards for investors, speculators helped drive up housing prices in certain markets.Historically low interest rates that ensured housing prices would rise more quickly than income levels as consumer dollars stretched further.The failure of rating agencies to actually research and rate the safety of mortgage securities, and their unwillingness to act once the problem was apparent.The Federal Reserve’s unwillingness to stop lending that could jeopardize the economy (even though they had the right to do so).Rampant cash-out re-financing that made homes “ATMs” for consumers who wished to purchase what they could not afford.Fiscal policy built on the assumption of never-ending home appreciation, and the dependency of jobs and consumer spending on never-ending home appreciation.A derivatives market which multiplied the amount of money at risk beyond the value of the underlying assets.

One way to look at this might be: Overall conservative estimated equity/appreciation gains (including loss to carrying costs) have to exceed taking the $10k (and whatever gains it could derive as an investment). 

@Josh Wallace If you can be more specific regarding what type of Real Eatate Investments you wish to pursue, in order to derive Passive Income, I am confinement the BiggerPockets Community can provide you sound advice based on both knowledge and experience.