I measured my worth and success at that time based on the number of good calls I had and not the number of closed transactions.  

Sometimes the cap rate is referred to as the exit cap rate because the reversion cap rate is a measure of the cap rate at the sale of the asset, versus the cap rate at the time you purchased the asset.

This is not quite accurate: Cap rate completely excludes renovation costs and capital expenditures, so it cannot tell me my actual return on investment.Cap rate is most helpful when seen as a measure of a submarket, rather than having meaning for a single property.

@Tim Coppola - The R-value, which is the measurement of insulation will be different between spray foam and cellulose. 

When in doubt, measure it out!

This can’t be attributed to workers coming back into the market because this measurement includes unemployed and underemployed folks along with discouraged workers.

Will be putting in an offer tonight, but I'll be taking some measurements and crunching some numbers to see if I can rehab it within the budget I'm willing to spend.

You could just go measure it.

If he is not in agreement, then go with the harder measures, but tying him up like that could cause major issues on both sides.

Then when you have a better sense of what you want to pursue, you can jot down some clear, specific, measurable goals and you can work towards them.Glad to have you aboard.