I see in their supplied Proforma that Net Operating Income is $75,720 and their listed Cap Rate is 5.11%.When I do the formula for finding value (value = NOI/Cap Rate), I end up with $1,481,800.What this appears to tell me is that they are charging a $218,200 premium over the value of the property when figured against a Cap Rate of 5.11%, correct?

I'm really looking for something with multiple units, i.e. dueplex, quadplex, etc but it looks like the supply is mostly older single family homes. 

It's tedious to do, but that will tell you the supply of storage. 

What you might need is the same thing I'm working on and that's getting a partner or private lender (someone I know that trusts me) to supply the $ for the down payment and repairs. 

We have a flip property that we close on this Friday.ARV (by Subject To Repair Appraisal) = $440KPurchase Price = $230KRepair Estimate = $100K We have secured private money to take the property down @ 10% and no points, but this is the first time that we have used this investor and when we met him and his wife for lunch today, he asked if we would be supplying the cash for the repairs.  

@Amy T.I order my locksets in bulk from MFS supply...$8.00 for a combo set...way cheaper than home depot and better than spending my time trying to rekey an existing lockset...

The STR has higher expenses than LTR, so this is no where near as much cash flow as getting $15K/month for an LTR but it is significant positive cash flow.I suspect the rent as a LTR will be between $5.5K and $6K per month but we have done a rent survey yet in part because I am anticipating the LTR rent may fall due to the increased supply of LTR units. 

I am also happy to supply some referrals from some "reputable"agencies in the area.

When it is triple digits, a prudent landlord supplies window units/portables or puts them up in a hotel (or airbnb) for the night. 

Understand what they need and how I can supply those needs.