Denver looks different than Georgia which looks different than Cleveland from a cap rate perspective.

Bob Roach yes, you can get 2-3 properties in a C area in PA for $150K which will give you a cap of 10-15%Check out certain areas of Philly or the suburbs.

I'm sure you know the drill, but the standard way to value this is (4 lots x $250) + 600 x 12 x .5 = 9,600 which at a cap rate of 10% is $96,000 plus the value of the three mobile homes (maybe $5,000 each based on age and condition) = $111,000.

@Ramiro Rodriguez, A move from an existing rental to new construction can be very positive from a cap ex and rentability aspect. 

They don't know what a cap rate is or what a 1031 exchange is.

However, for instance if rent is missed our PM company will 'pull' the rent from the Tenant's account if needed and if that fails we assess late fees but have a cap of late fees at $140 (self-imposed) and we move to notice on the 4th of the month (not 3 months later), we also guarantee your tenant for months after we place them (and no we don't have to, not many PMs provide it) and not to mention we divulge our Tenant selection criteria to you before you sign on.... so.... at what point here are our interests not aligned?

Ive seen lots rented x monthly rent x 70 and also a cap rate valuation using NOI. 

Next, I want to settle on a cap rate.

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

And that's barely scratching the surface of what you need to know to come up with a CAP and know if the deal is even worth pursuing.