I liked that DealCheck automatically determines rental estimate and calculates a cap rate based on assumptions I provided...and it normally gets relatively close to the cap rate I get when using my Excel sheets and formula.

The existing quad is listed for sale at $1.1M and a 5.3% CAP.Commercial multifamily in the area sells at a CAP rate of roughly 4.5%.The existing property is zoned to allow for 6 units and has available land to build an addition duplex for ~$150 per sqft.Assume 1000 sqft duplex at $150,000 and we’ll build that into the loan.After expenses, the additional units will each increase the annual NOI by $14,400 = (Gross rent – operating expenses = $600x12x2).Purchase Price  $1.1MMConstruction:  $150KLoan amount: $1MMTotal for project:  $1.25MM20% down: $250KPre-construction NOI:   $58,300Post construction NOI:  $72,700What is the estimated property value after construction?

I am no plumber but it looks like a cap that unscrews.

By the time you pay back your loan you will only be earning the equivalent of a Cap Rate, since your no longer leveraged. 

I personally do not like portfolio type deals because investors tend to over value the assets based on a cap rate, when the reality is that single families and small multis should be sold based on comps. 

Personally, in Atlanta, I'm more comfortable with Class B properties while I'm starting out.As far as calculating a CAP rate, starting with the 1% rule seems to work for initial triage. 

A clause with utilities included up to a cap?

One of my favorites is being able to use a cap rate. 

Are you looking for a cap rate of 8 in a market where that is barely holding a 6 cap?

In fact, you can have 2 VA Loans at the same time but there is a cap on how much you can borrow.