The list price is the least relevant number in this equation.

*Note: By right, we were zoned correctly and had the proper sized lot to be able to do this.I'm not sure if my situation is relevant to your property since you have 2 existing buildings on it, but...I spoke to a couple of attorneys who have experience with these types of endeavors (applying with the county for the split) and they recommended the resources below.  

If you, review the relevant docs to make sure all is legit.

Cap Rates are determined for a specific property through looking at similar properties' cap rates on recent sales (comps)Cap (Capitalization) Rate is one of the most important concepts to understand in real estate investing BUT make sure you understand its applicability to the asset class - not always relevant, especially with SFRsCap Rate is a fairly straightfoward metric used to determine value of a real estate asset through the "Income Capitalization Approach" to determining value.

First of all a lot of content on Bigger Pockets is not relevant to CanadaForeclosures are not common in GTA.. its mostly power of sale but even at that you won't find a super discounted deal. 

I'm a moderately experienced moonlight investor with solid and relevant non-RE professional credentials, just got my real estate licence, joined my PM's brokerage, and I just had 3 deals pay out. 

Can you provide a different (and more relevant) comp to have the appraisal reevaluate?

You are talking about a city 40 miles south of Seattle, it's not even relevant to the discussion here...it might as well be Podunk South Dakota....We are not talking about 100K flip properties like you have in Tacoma, that's a blue collar low income city so the taxes are low anyways for actual landlords.

@Kevin McMaster unfortunately I don't have any good books or podcasts to refer to you that specifically relate to 40B but there are some great BP podcasts that cover section 8 rents and that is pretty relevant.

.- I guess you'd guys start educating among yourself how to make young people in this country going to unversity again, with good and cheap price LOL Comparing our Gini ratio to another country isn't relevant here.