I've tried calling on a few brokers in that area to see if they would know and I haven't found anyone who knew let alone some who didn't know what a cap rate was, its a little disappointing but I won't stop unit I get it. by the way I know how to calculate a cap rate for a particular property(NOI/value) I'm particularly looking for the "Market cap"?

There is a cap on $ amount but I think you can have more than 1.I realize the down payment can  be lower with a VA loan and you may not have PMI, but they have a large funding fee unless you have a disability rating. 

I have found two units in which I am interested in and they both have a Cap rate of 8%.

I've been told by a few more experienced people that a commercial lender would typically use a cap rate of around 8% to determine the value, in which case we'd be able to pull all of our money out and still have strong cash flow. 

The property I'm buying is an off market deal with a gross rent of $3,065/month (which is below market) with a cap rate of 12.2% and a net profit of $1,000/month (figured using the Bigger pockets calculator).

The property I'm buying is an off market deal with a gross rent of $3,065/month (which is below market) with a cap rate of 12.2% and a net profit of $1,000/month (figured using the Bigger pockets calculator).

This can be a big benefit for someone with real estate professional status that typically does not have a cap writing down personal income from property depreciation.I am not a tax expert not give legal or tax advice.

Diversity of renters, length of leases in place, property condition, and location can also affect risk and value, ultimately impacting the cap rate.When someone says a property has a cap rate of 5%, or that assets in a given area are trading around a 5-cap, they are talking about the return on that property.

If they insist on a cap, do rental comp analysis yourself within 1 mile (3 if it is more rural).

"I think I'm confusing appraised value vs assessed value"Well, in OR, when you get your prop tax you get a tax-assessed value (that you actually pay on) and a market value that serves as a cap for prop tax increases.Other than that, if they have an assessed value, it should be by a MAI certified appraiser.