Then you would divide 30,00 by 800k to get a Cap Rate of .0375. 

The MLS is full of over inflated properties, we are usually jumping at anything over 6 for a CAP rate.  

Im currently in Northern Minnesota, 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!

Does anyone know of any others that have a similar no appraisal program, but don't have a cap on properties owned?

Does anyone know a capable PM in the area?

But there's a cap on the rent, while property cost is relatively high compared to certain pockets of LA city.

E.g. talk to broker, experienced agent, example contracts explainedI'd also ask if there's a cap, a maximum amount that they remove in a given year e.g. $25k Depending on the brokerage the answer to some of these questions may be nothing.

However, I feel confident that if we had to pay the mortgage off, I could afford to pay $30K.The exit strategy is to stabilize these properties for a year or so at the current CAP rate of 20% (using an overall expense ratio of 50%) and then sell them to other investors for a CAP rate of 10% which would put the value of this property at $116K which doubles our purchase price.

Sorry, I was just using a cap rate relevant in my area.

I am very excited about this venture, but I really want to be the "Robin" to a Caped Crusader.