I think the answer to the last questions is "no" so please enlighten me on where, for specific neighborhood and property type in that neighborhood, I can find the official Cap Rate?

Enlighten us!  

As you can tell, I'm quite knowledgeable and comfortable with NPLs, especially considering the heightened inventory of distressed assets available to the secondary market from the 2008 housing bubble. 

ExamplePurchase price: $100,000 with 20% down payment (so loan of $80,000)Monthly rent: $1,200Estimated value 5 years later: $180,000 (e.g. some of my Vegas properties)The 3 valuations outlined above then turn out to be:(1) Monthly rent against purchase price = 1.2%(2) Monthly rent against mortgage = 1.5%(3) Monthly rent against estimated value = 0.67%So the last value there (0.67%) looks paltry but when looked upon against the purchase price or mortgage, we are at least above the 1%.Can you enlighten me on how you yourselves evaluate rental rate vs price?

I'm looking for enlightenment. 

calculate the risks my friend, find a mentor to enlighten risks you cant see

I encourage you to reread what Doug wrote and look it at from a standpoint of his trying to enlighten you, not disrespect you.

Thanks for the enlightening..

Very enlightening and helpful.Just curious - do you both run your own property management company and invest in rentals on your own?  

I think there is a newer edition, but even the 1995 version is very enlightening.