(i.e. when will you sell, what is the NOI, and what is your cap rate assumption - I recommend assuming a cap rate that is 20 to 50 bps, which is 0.2% to 0.5%, higher than the in-place cap rate).This is by no means exhaustive but should give you a good place to start.

My research has shown I need to purchase a property with something called a CAP rate of at-least 10% that is all the cost of property.

I could look at comps and local rental rates and estimate expenses, but I'm also curious what investors themselves would expect for a cap rate in this area. 

Most of the time when people talk about properties cash-flowing a lot higher than 50% that are either 1.) not factoring in a cap-ex holdback and/or 2.) self-managing.  

That being said you could put say roughly 200k down on an 800k property in a very good area with a cap rate of let’s say even lower than the other one of 6%.

I also wouldn't call your place a Cape Cod style home.

Find land, get the tenant to commit to the lease for NNN, construct the building all in costs for  a cap rate to cost of 9.5 cap to 11 cap.

And if you're dead set on only using a cap-rate or GRM to arrived at a value, focus on 5+ units so you end up in commercial territory. 

Im currently in Northern Minnesota( Duluth area), and am looking to invest in Dakota county as well.Looking for that right person(s) to jv with as this would be a remote/ monthly trip for me.Ive done over 100 deals , and had about every type of transaction, that i can think of, across my desk.Im a Ron Legrand, original student and have been with jack miller, jimmy napier, and alot of the earily (pre GURUs) guys who have formed this "creative" real estate passion we all live and breath in.Currently a Dan kennedy , GKIC marketing member, and part of a couple mastermind groups.I am kinda obsessed with real estate, especially the marketing end, and mailing lists, now for quite some time and have seen in good time, and bad a cap up here with these properties at $25-$45K tops!

A cap rate is not calculated off gross revenue.