However, I think the cap rates are low because of the perceived lower risk.

Sponsors should get paid AFTER they deliver sufficient risk-adjusted value to LPs net of perceived risk; not before. 

What is perceived as a low risk investment (low days on market, highly desirable area, etc) may drive prices and competition up.

There are other ways to reach the perceived goals your son seems to be trying to accomplish.

I never planned nor plan to cut the agent out but seeing as this could be one of my first agent transactions, the ambiguity (as I perceive it) on the listing in the MLS is throwing me off somewhat on the "what ifs" of that. 

He explains the different ways people perceive millionaires in real estate.

Most investors are willing to invest time to teach and mentor you IF they perceive you are motivated and will make their time and effort in "training and coaching you" worthwhile.  

Like you, I would prefer to value the property using cap rates and NOI like apartments would be valued (which I perceive to be a more sophisticated analysis), but I think in reality a triplex is a very "retail" product.

Thanks for reminding me of the many insights that are inside, as I like to open it once in a while to read page or two.Another important aspect, which I wish Angela Duckworth could have touched upon, is the aspect of how you think others perceive your grit.

Yes, you will be sacrificing return, but that's a call you have to make based on the return you and your investors expect for the perceived risk being taken on any given deal.