❌ Stop dividing the NOI by a cap rate to find the value of a deal.When I come across a potential deal, that's the last thing I do.

If they do set a cap, it will be on a future determined number, not an existing.

Also ask if there is a cap on assignment fees.

This puts me at a cap rate of ~4.3%, and a CoC return of ~22%. 

In the new tax bill, there’s is a cap of $10k for real estate taxes that can be deducted.

You can take an "A" neighborhood asset in most locations and fail the 1% rule but these assets will outperform on a cap rate basis a "C" location asset that "passes" the 1% test  if the analysis is not so narrow minded and includes actual expenses, cap ex and vacancy. 

One thing to note about your township, is that they are having a meeting to present new STR regulations and one of the items is putting a cap in place for new STR permits.

You could always use a cap system on the utilities too.

That would leave you with NOI of $38k and a cap rate of 9.05%.

Some call it a cap rate, others will call in cash on cash.