I have a decent idea of what some of the things for expenses and what some of the numbers should be but struggling to find other things like what current interest rates will be and the equation.

This equates to 10,000 sq ft of rental space per acre.

Therefore in my case, adding a studio apartment will add approximately $7200 in NOI annually, which on an 8% cap, equates to $90,000 in value added, plus a ton of extra cash flow.

I was looking for a market with a low initial investment cost, landlord friendly laws regarding evictions and other matters, and one that leans more on the cash flow side of the equation than appreciation, but that is not as important as finding a low risk market if there is such a thing.

Other debts include a little credit card debt that he has, small auto loan of mine, and my student loans which equate to $9,240/year in required payments)So, the HELOC loan officer was useless and told us she is frustrated with her job and basically dislikes her UW dept. because they work from home and she doesn't get to.

Then use your cap rate equation with the local cap rate and new NOI to determine the purchase price.

I would propose a better way of evaluating real estate and that is to take the difference between the CAP rate and prevailing interest rate and use that to evaluate whether something is a deal or not.D = CAP - %APRThis would allow you to calculate the spread which is directly related to your debt assisted profitability (like a cash on cash return).You can vary what “D” you will accept based on the normal factors you would consider when thinking of the CAP rate (location, building type, number of units, financing, deferred maintenance, etc).You could also rearrange the equation to calculate the CAP to search for opportunities and how to offer for property:CAP = D + %APRIn this case, you can actually figure out the CAP by knowing the “D” you want to get for a given location, building type, etc and understanding the financing available to you and other investors for the opportunity.Any reason this is an inferior approach to CAP rate or cash on cash return?

That usually equates to larger proceeds from the acquisition fee.

He was stating $8-10k per month which equates to 48 - 50% CoC - not 5%.  

This seems crucial when you are in the middle of a negotiation on purchase price, possibly trying to push the price lower or knowing when to walk when the price to CoCROI gets too high. .The equation I seem to think of is this((<Purchase Price> * .01) / 2) + (<PurchasePrice> * .002).So an example of this would be:($280,000 * .01) / 2 + ($280,000 * .002)$2,800 / 2 = $1,400 + 280 = $1,680.I seem to be within $5 of every mortgage I am considering.