I find my method to work conservatively and I adjust it if necessary (area and condition are better / worse than average)Adjusting and given my assumptions were correct on water, taxes, and insurance that puts you at a 16% cash on cash, which would be a green light.  

Goal: Rank the following markets (MOST desirable for investor to LEAST)Assumptions: Buy and Hold Investor (>10 year hold)-Olde Towne East-Franklington-Schumacher Place-Jim

I know nothing about office space, so I can't make any assumptions.  

With the number of times I've run across the use of CL in REI, I just made a wrong assumption about what types of listings might be on there. 

You are making an assumption that is inaccurate. 

Terms of assumption are described in the note you made, they will need to qualify and that outstanding balance will count against your VA entitlements for another VA loan.

There are problems with the home you don't see - an assumption you should always make when you buy.

Assuming the current owner would continue to occupy the building minimally at your current rental rate of $14.42/SF, the upstairs space would bring in an additional $9,373/month making the total annual income for the building $181,692.Income: $181,692OpEx: $92,250NOI: $89,442Cap Rate: 7.75Value: $1,154,090.32Of course these are assumptions without knowing anything about the subject property.

Your assumption about notes vs buy and hold rental properties is not necessarily correct.  

With my usual assumptions, including using a PM, a 20% down loan for 30 years at 4.5% you would need $1825 a month in rent for a $200K house to produce a true $100 per month in cash flow.