See then if you can formulate a more precise plan for building longterm wealth.

Now, I understand that many people don't use accurate numbers when asking a question on a public forum, but I feel that doing so will help the BP community answer my question more precisely. 

That's precisely what I am aiming to do.

This is precisely why Cap rate as an indicator of the worth of an investment opportunity can be very misleading indeed!

I just heard from a guy who owns over 650 empty lots but he has a very precise system for buying at auction and strategy for selling them.  

Best to know how to calculate what the money is costing you so you can make a more precise and educated decision.John Corey

However to be honest, these are just rough estimates and you really don't know with any precision the capital expenditures that will accrue once you first take possession of the property. 

Also, I have little to none interest in NY (where I live) or NJ (where the condo is), precisely for the reasons you mentioned (high taxes!).

John Rose (at Goosmann Rose Colvard & Cramer) can sometimes do this, and well- he's very precise and solid.

I not only started competing with other investors, but also with a large group of future home-owners trying to score a house in a great school district for their children, and precisely because they are not investors, they only have one worry, and that's that one specific house they put their eyes on, and they won't care to overpay or buy as is.