Hagerstown you might.Keep in mind though that a 10% cap rate in today's environment is likely indicative of a high risk property.

For example, the time of year can be a factor, especially when you couple that with weather in the market. 45-60 days does sound high to me, but could be an indicator that either there aren't a lot of renters in that area or there is an over supply of rental properties for prospective tenants to choose from.

@Turner SimonThe term "Net Zero" indicates a building produces as much energy as it consumes - hence the net is zero.  

Of course past performance is not necessarily an indicator of future performance.

NOI = $6,592Property tax $200Insurance $300 (This is not an exact quote but from reading expecting $200 - $300 -- Trying to stay conservative)HOA $540 (Although there was no HOA actually listed I went with similar neighborhoods HOA fees.)Maintenace $1,200 (The home looks updated so wasn't really sure how to estimate this.)3.CAP = .104.Cash Flow = $3,773.32This is based on a $51,920 @ 30 years @ 3.56%5.Cash on Hand Return29%If these numbers are a good indication of what to expect how do I do that thing where I get in with no money down?

Hey Kristopher,Population and job growth are the main indicators we look for. 

See the BP Drive for Dollars guide - linkOther investors also send to probate (inheritance) leads, code violations, evictions, pre-foreclosures, divorces, and many other public records that might indicate distressed owners.

What some people have suggested here (telling the seller that you'll bring them a buyer, etc. etc.) would be considered brokering a real estate transaction in Ohio (where I am) and would result in a nice, large, fine if the State found out.Most of this advice has come from folks whose words seem to indicate a dislike of wholesalers and wholesaling.  

You did not indicate what repairs if any are needed.

So you see - Cap Rate is great for comparing two properties - if they were bought all cash.But its very deceptive when used to indicate how much money is made.The ROI is the true measure of that.Thank you.