@Jason Brattner cap rate is a reasonably accurate way to measure investment opportunities without taking financing into account.

I am aiming to move to NY in December/January.

I was looking for a magical measuring stick... thanks for your info!!!! 

You should always aim for positive cash flow.

On my property itself, my interest rate was so low that the tax returns at the end of the year and only getting 25%ish of it back (my tax bracket) was not extremely interesting; it was a no-brainer for me to contribute extra cash toward the note and aim for getting the HELOC.

If you measure the exterior dimensions you will come up with a different amount than if you measure the internal dimensions. 

A key measure is Debt service coverage ratio.

I get it.. and I have no clue as to Brad quality of education.. like I said the name just popped into my head.. so please disregard my comment was not aimed at him or his student particularly just sharing my personal thoughts. 

How much turnover and expenses over time is what will be the key for you to measure.

Conventus aims to work with borrowers to help them achieve their goals and complete the vision of their projects.