Let’s see what that looks like on the income statement first:Example 1)NOI = $1,000,000G&A = $1,000,000Depreciation = $0.00$0.00Tax = $0.00Value @ 6% cap rate = $16,666,667Example 2)NOI = $1,000,000G&A = $0.00Depreciation = $1,000,000$0.00Tax = $0.00Value @ 6% cap rate = $16,666,667As you can see from our two examples, both the value of our property and our tax bill are identical.

@Huso Akaratovic I have a similar personal experience that is almost identical.

The only time I’d really want a walkthrough is if the house is unique (in Vegas every block of 40 houses are 90% have identical layouts, or mirrors of those layouts.) and there were zero pictures, but then I’d just offer less.

@Joseph Labit ask him if he would buy 3 identical properties for 300k cash.

I got him to raise it to $345,000 and my seller and his wife had just found a property they desperately wanted, they took it - and a $34,000 screwing.In practice, I've never met a seller or agent who wants anything but to get veterans a good deal, but if I had two identical offers and one was VA, I'd educate the seller and let them decide. 

Seemingly identical cookie cutter houses on the same street could have widely different rents.

(Capital gains tax are identical) Stock price: $1502016:Paid: $5000 for 100 shares, valued now $15,0002018:Paid: $8000 for 100 shares, valued now $15,000Assuming I only want to sell one of these positions, obviously selling the 2016 position will give me more profit (even after taxes).But is that the right choice ?

Cap Rate is the value of the property determined by the market. you can have 2 identical buildings in 2 separate towns but if one houses c class tenants vs the other one which houses A class tenants, the C class building will generally sell for less because there usually is more tenant turnover and costs associated with it than a building with A class tenants, who tend to stay longer. you can be collecting the same rent, but usually you do not, but the turnover costs and usually more maintenance lowers your NOI in the c class building. you still have costs with the A class property but with less turnovers and maintenance, the income is more steady and reliable. so the higher the CAP RATE the more risk in the property ( C class) and you can not count on consistent numbers. the lower the CAP RATE the more steady and reliable the income will be (A class), so there is more value in owning a property like that.

It also verifies identity.

"No established credit" is 100x easier to fix than "bad" credit, even if the scores come back identical.