Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc. 

I have a good developer friend in the area who has a similar type property I should connect you with if you don't know him.

Generally I would recommend using a contract that comes recommended by a friend or fellow real estate investor.

Also very friendly and helpful.  

I actually recently met a real estate agent who I've become friends with and will be helping him with some of his properties to get some first hand experience. 

I have some good friends here that may be able to help as well. 

What you're doing there is making friends, and you make a lot of friends this way.

I have to decide if im going to use a new injection of capital from the sale of my primary residence to:1) Hold in treasury bills at 4.5 percent until I find another property to purchase2) Pay off one of two existing mortgages, one at 3.75 percent and another at 4.5 percent3) Just find something to buy that beats either of those percentages on paper and be done with it4) Possibly loan out some hard money/broker it to a friend to allocateIts never an easy decision, but its a good problem to have.

Another friend who invests heavily in Phoenix shared a story about her first deal there..she jumped too quickly into a duplex without adding a little cushion for those first-year capital improvements.

Try Ethan Whitley with Crye-Leike Realtors, he is good friend and does alot of commercial in the area.