Do you have a cap rate comp for any property?

To get a good renter your best bet is to roll the utilities in and use a cap beyond which they contribute to utilities cost. 

How do you determine if a cap rate is attractive for an investment property?

A cap rate of 6% but needs $1M in capex compared to a cap rate of 4% and new construction could find you that the 4% is a far better deal.

I promise.Your complete reno results in a cap expense at the start and starts the clock on the various item's life at zero.However, a property with a new roof will eventually need another new roof. 

Don’t know what a Cap Rate is?

When I see CoC analysis with a CAP rate for SF I know someone is getting rich and someone is getting screwed.    

As long as you abide by their rules and pass the fire inspection, you get a permit.El Dorado County, they have a cap on the number of permits they are issuing.

The OC penalty/tax will eventually reach 2.5% of income (by 2016) but has a cap....a little more than $2000 for a family.

As others have said, I recommend including the utilities but having a cap on it.