The primary difference this time around was the complete lack of lending standards that led to the inability of banks to decipher (or caring to decipher) between high quailty mortgage loans and junk loans.If yields start to go up and hedge funds/investors begin selling homes in order to chase the yields on corporate/govt bonds, then prices would fall based on supply and demand theory.

Could we then decipher the NOI for the potential effective gross income and capitalize it?

You cant decipher if this is a good deal or not if you do not know what the price is.

The echos in the vacant house made it difficult for me to decipher where the noise was coming from.Don

Without experience, it's difficult to just look at the numbers and decipher if either or neither is a potential investment.3 bedroom 2 bath/2 bedroom 1 bath; 2,112 square feet duplex:NOI $13,686; CoC ROI 12.72%; Pro forma cap 7.51%; Purchase cap 7.51%; 50% Rule Total monthly income $1,550; 50% for expenses $775 Monthly P&I $585, 50% rule cash flow $189.

It's best if those 2 ledgers are separate, otherwise, it's hard to decipher but not impossible.I'm assuming you know to ask for the leases for each unit as well, but if not, do that as well.As for the units not being well cared for, this isn't uncommon unfortunately. 

After watching a lot of @Brandon Turner videos on BP, I want to practice analyzing listings to decipher good deals from not so good ones.

@Nic Werner, I am having trouble deciphering what you mean.  

My Biggest questions I guess would be how do you decipher all the key points? 

This all can be deciphered with a good realtor and lender.