If I have a $2mil property, 20 units with an NOI of $216k and a cap rate of 10.8% and I replace appliances in all my unit ($2000/unit or $40k of rehab)) and raise rents by $100 dollars I increased the value of the property to $2.1mil.

If that was going to leave you short, prepare a cap ex/maintenance account for your properties. 

Assuming your note was interest-free, you would need a cap rate of about 10% to make this work.

Her office had a cap of $25K per year per agent.

@Cole Heavican, don't bother him with basic questions about the business, like what a Cap Rate is. 

I had to pull out of a contract for a condo because they had a cap on the number of rentals in the complex. 

I know my Pro Forma isn't nearly as extensive or annotated, but I never use mine for much more than getting an estimate of a cap rate and a debt service ratio :PMy only point of note is that inflation isn't added in.

In the example below, I'm left with $323 in monthly cash flow with a cap rate of 7.7% and CoC return of 9.1%, which doesn't seem high enough for me to pull the trigger.

A 4 unit building won't generally be judged by a cap rate as the banks won't generally value it.In Single family homes (1 - 4 units), I use two metrics... the first is a rent to price ratio.

Everything in that area isn't going to come with a cap rate.