I've read about cap rate, heard it discussed on the podcast, but still don't have a grasp on it. How would you explain it to a new guy, using small words?"Layman's terms. None of that inside, b******* jargon that nobo...

For more info on the various neighborhoods in the Cleveland market check out The Ultimate Guide to Grading Cleveland Neighborhoods.

Also, what's the typical cost of a rental grade build?

No matter what floor you put down over concrete, it will expand and contract a lot. i had one project recently, i put down a floating floor and left 1/4" space all around, only for it to swell up enough that it buckled and i had to pull the shoe molding off and re cut  the floor even more so it could sit back down, that's how much it expanded. if the floor is in a basement make sure it is rated for below grade and can be used on top of concrete.

@Mark Stevens it depends on a lot of factors--such as the grade of the property & neighborhood, the rent price, whether the unit is at, above, or below market rents, the availability of tenants, the supply of competitor rentals, the priority that the property has with the PM (which depends on the ratio of how much revenue the property is going to generate for the PM versus how much hassle the property is for the PM to manage), the PM's level of experience with advertising & placing tenants, whether the characteristics of the property match the needs and desires of the tenant pool, etc., etc. 

., the landlord has the duty to caulk and weather-strip all doors, windows, cracks and gaps to the outside and insulate the attic to an R-30 insulation grade.

For example, if you get an applicant who holds any professional license, insurance agent, credit counselor, private investigator, bail bondsman, paralegal, registered gun dealer, or such others....or, who have certain jobs, armored car driver, bank employee, pharmacy worker at a hospital, nurse or many government employees, you already know these folks had to pass a criminal background check.

I've been looking around around the Toledo area for rental grade windows but from the places I've looked at a lot of the options are quite high end.

We got standard size windows from Lowe's and Home Depot, up one series from the low grade.

Think a much lower letter grade.