Have you surveyed rent in the area with comparable properties to verify the rent you expect is reasonable?

Needs to pass a perc test and/or obtain permits for a septic system/ sewer hookup Survey be completed to show the boundaries, size of the parcel, and any easements or encroachments by neighbors Subject to town design review committee approving home house design Obtain approval to subdivide the land into two separate lots Variances are granted to use the land as two single family lots (if this is even necesary)  Building permit approval Subject to appraisal

Cap rate is usually based on market data, there are surveys that look at hundreds of investors and deals of different asset classes.Novice investment classes have huge swings in cap rates. 

If you're talking law - permit requirements and issues, get a survey if you haven't already.

@Ryan Brown, when I got into rentals many years ago I did a survey of several landlords in terms of what was customary for this market (as you are doing now).. 

The staff document linked above doesn't tip their hand too much, but it does say that a 2019 survey of residents found that nearly two-thirds wanted to allow STRs but the same two-thirds wanted the city to prohibit non-owner occupied STRs.I'll be interested to see which direction they go.

You can determine that with a demand survey, rent survey, and in general if expenses are in excess of 50%. 

More than 90% of the economists and real estate experts surveyed by the Tampa Bay Times last year expected the Tampa real estate market to meet or exceed the performance of the national housing market this year.

If you have additional feedback about the calculators please reach out to me directly or take this survey. 

You will need to talk with an engineer to estimate the cost of the plans and get a survey done if you don't already have one.