Jason Piccirillo it was a cape cod converting into colonial.

Is there a CAP rate for each specific area?  

From my experience I can say that you can expect a cap rate of around 10% with rents going anywhere from $900 to $1250 for a new construction on 2-3 bedroom unit. 

Base on my calculations on my future performance and a cap rate of 9%, this property should be valued at or about $762K, which I have talk to local commercial lender that can refi into a 5/7 yr fix loan amortize over 30 yrs @ 65% LTV.  

So you take the home rent 800 per month or 9600 annually and then say it operates at a 50% expense ratio so 4500 NOI and then use a cap rate like 10% to put the value of that home and occupied space at 45,000 ( 4500 NOI divided by 10% cap rate).  

Rent is 750 to 850 suppose to be a cap rate of 9%.

Find the pipe inside the house that leads to that non sence and cut that piece of copper and cap it. the easiest way to deal with this is to make it disappear. however, you could also just cut that pipe and replace it with a sharkbite valve instead of a cap, do all the same stuff I already posted, and have access to water still assuming you really want it.

Might want to put a cap on it.

We'll see how it pans out for me :-)Regardless, with the 40% rule, we're cash flowing roughly $2,200/year; however, considering I will have higher quality tenants at 1,500/month, the home is completely renovated, vacancy rates are less than 1% and the only major repair looming (fingers crossed) is the roof, I think it could be realistic to have our total operating expenses (including insurance and taxes) at roughly 25% gross rental income for the first few years, which should give a CAP of 9.11% and COC on 20.73%.We'll see how naive I am ;-)Wish me luck!!!

With a cap rate of 9.6%, the back of my envelope gives a fair price of....$588,500.So, fair building & fair price based on potential market rents.