It is a mathematical calculation that can be adjusted by changing the inputs.I would look at this point for a strong market fundamentally. 

In fact, I did think that it could be the "capital" part of the payment that is making the difference, but wasn't completely sure (regarding CapEx, my analysis already took that into account while coming up with the cap rate estimate).This is a very fundamental concept to understand clearly if one is investing, yet I wasn't getting it quite right, so it had been bugging me for a while.

I have never owned anything this large, but the fundamentals apply. 

Personally, I think Kansas City and Indianapolis are the two best cash flow markets in the country right now. both cash flow well, but in addition to cash flow, they have strong economic and demographic fundamentals with vibrant economies.

May rebound but the oil business has fundamentally changed in the last 5-8 years so it may not.

However I need a strong agent who can propose fundamentally sound investment SFRs with solid math based on our cash position and risk appetite. 

Marketing to those that are needing to sell is the same regardless of the market condition.Using solid fundamentals has allowed me to be successful in up and down markets through my wonderful time on this planet.

And you get to play 'parent' to them, too.What doesn't change are the fundamentals of succesful real estate investing, i.e. equity at closing, good cash flow, etc.

I think the fundamental idea and info we are providing is going to be great.

Not unless a million dollars then is equivalent to $100K now.Your fundamental question is very, very difficult to answer.