But I believe if the market here stays consistent my ARV should be $425-$445. 

My father was their attorney for several years, and ultimately took his life over their illegal and unethical business practices.

Good question @Joey TuckeyWhile you mention “fair transactions” I have thought a lot about honest business practices for my wholesaling business (so much so that I named my business Honor Homebuyers, Psalm 16:8).

Practice makes perfect and patience is the key to finding the right deal.

I would challenge that you can really sustain $150K a year consistently without a few years of actual records. 

Give it some time, read books, attend local real estate meet-ups, listen to BP podcasts, network, practice running numbers on potential deals. 

I guess then, one must ask themselves what Cap rate THEY wish to receive, and if the market cap rate is below that number, well, maybe that market isn't right for them and they should look elsewhere.If market cap rates in a particular region are consistently low... how does anyone actually make any money in those markets?

I continue to adjust and modify this spreadsheet, but it has remained fairly consistent over the past 3 years.

I know you have it in the calculator to wait 12 months but you may be able to do it after 8 (2 months for the renovations you were planning and 6 months of consistent rent).

@Mike Dymski - I like how you said it is not only a learned skill but one you must practice daily to push fear to the side!