Since the properties were purchased so cheap if you use the purchase price for calculation you get a cap rate around 60%,  if you use the market value you are around 17%.  

I’ve done my research, and didn’t even know how to properly use a cap rate and who determined it!

The property will be managed by landlord.And yes, before anyone mentions it, I realize I haven't provided a CAP/GRM or anything of the sort as it would apply to the subject area.

I was wondering what kind of a CAP should I expect on this type of investment. 

there are properties that are selling for a cap rate of 4!!

It is a capped fee for both.

All of that aside, if you take the numbers provided as "close to accurate" and establish a cap rate that you'd like are you 5% away from the purchase price or 50% away from the purchase price?

For example, I love the idea of purchasing a Dollar General with a 10-15 year NNN lease with a cap rate of 7%+ but I'm guessing I couldn't come up with the cash for the down payment.I'm interested in long term investments that would help cover college or retirement 15+ years from now as well as shorter term investments that provide modest recurring cash flow.As far as capital, it depends.

They did however put a cap of $5k on that fee.

You would divide 24,000 by 300,000 and get a cap rate of .08, or 8%.As for how to know if it's a good deal or a bad deal?