Seller accepted my offer and I went through the inspection, mortgage, appraisal, EVERYTHING (found out during the appraisal that the 3rd floor kitchen was never permitted so it could only be a 2 unit) so they had to remove the kitchen and tenant (tenant had not paid rent for past 2 months so he was trying to pawn her off on me, found that out during this as well)I had asked multiple times (When I put the offer in, during the inspection, a few weeks later and again last week for proof of rents paid and security deposit, estoppel, ECT and was told repeatedly they'd give me that info asap and never got anything except a poorly filled out estopple) and on the DAY OF CLOSING (today) we are all waiting on seller and his agent and after they were 15 mins late, we call the sellers agent and ask how much longer til they arrive and he says they're not coming the seller doesn't want to sell. 

How do you arrive at the number?

The lease allowed 2 small dogs, however the inspector noticed 5 small dogs (chihuahuas) when he arrived for his annual inspection.

Once we (me, my agent, and home inspector) arrived at the property we noticed that the two rear doors had been damaged (the property was burglarized).

The BIG NAME nationals don't need your loan as another will arrive in 10 minutes.

RE is a science, not a game, not a series of steps, not a mechanical process, it is a science that includes the artful manipulation of applicable elements, rues and laws just as any other science is practiced or applied to arrive at a solution or end result.

Spring arrived, and the water bill starting going up dramatically. 

It had completely melted by the time they arrived and they said it could have caused a house fire.

Going forward, take pictures once the unit is ready for move in ... ie. a couple of days before your tenants arrive.  

@Ned CareyThere is also the key question of how the "cap rate" is arrived at, and the level of sophistication/experience of the target audience for your presentation.