We are due for a slight correction, but those generally quite nuanced and they happen on a neighborhood-by-neighborhood basis (example: the prices drop 2%-5% for a quarter or two in a specific neighborhood).Q2 set a benchmark. 1/3 of all SFH sales were sold for $2m+, and the median sale price for a SFH was $1.62m, which was a 13% YTY increase. 

What is the benchmark?

I looked at the tenant's bill for the same quarter the previous year as a benchmark and immediately and voluntarily paid half the big water bill, and again paid about a third of the bill for the quarter during which the repair was made.

My benchmark for COC return is -- better then the stock market average. 

That's the benchmark in the underwriting I've seen. 

If the property is hitting our benchmark numbers for monthly cash flow $ and ROI, were good with it, regardless of the price.

You always list 10% as the benchmark return, not the return minus volatility, risk etc.

That means if the benchmark rate goes up, so does the rate on your line of credit.

I usually use 8.33 (1 month in twelve) as a benchmark when analysing a property.Given your numbers, I am also presuming that the tenants pay their own heat/utilities (save water).This will give you and operating ratio between 43.5% and 49% (which may still be light, but could be correct if tenants are carrying their own utilities)This will leave you with NOI between $3200 and $2900/mth.  

Infact, I will be using Roofstock as a benchmark for much of this process and show you how you can easily get the deal that is on roofstock, before it got their with the sellers markup.It will be hyper-specific about one specific end to end process to end up with a  cash flowing rental property purchased directly from the MLS using a hard money acquisition and then refinancing into traditional bank financing after seasoning.