First of all, congratulations for getting off the sidelines and making your move.  

Max out the Roth and leave some capital on the sidelines to deploy if you do find a killer deal. 

I have spoken with several advisers who pool investors for syndicators and a few of them have said they are waiting on the sidelines for the last year or so since the market is way too tight right now to get a deal. 

No one has a crystal ball, and a lot of people are just waiting on the sidelines for the right time.

Many people I knew who were in the same boat said “I’m just going to wait until the market cools down” and are sitting on the sidelines still.

You can't learn by sitting on the sidelines and I have plenty of learning to do. 

And trying to time the market will have you waiting on the sidelines watching the home you wanted to purchase a year ago, two years ago, three years ago, continue to appreciate.

Right now prices are dropping due to seasonality (at least where I'm at in Indianapolis) and interest rates are keeping many people on the sidelines.

Like you I'm struggling to find motivation to find another deal and sitting on the sideline with cash.

Well that was a waste of time so at that point you either move to a different market, adjust your expectations or wait on the sidelines in the hope that the market will change from a 6 cap to a 8 cap.When you have established your criteria and started looking you will THEN learn what the market is for the different metrics including rents, expenses, cap, grm etc.Once you have learned the market when a deal comes across your desk you will know if it is a deal or notSo how do you come up with your offer price.1) know the market.