Thanks  @Ann Bellamy - you're right, didn't adjust for single family expenses. 

Year 7 of gains...really, some adjustment is necessary to clean out excess Greed.

I should mention that modified adjusted gross income is over $100K.  

so, if you showed up to the house thinking it would be around $20,000 and discover the cabinets are new, but the electric panel is shot, you would subtract $2500 for cabinets, add $1000 for a panel,. and adjust your offer by $1500.

House prices, adjusted for inflation, actually peaked in San Jose around 2000 (maybe higher now since I last did analysis approx. 9 months ago).

In order to get a higher dollar value on the condition adjustment against the comps, sometimes you need to have the comp downgraded from say a C3 to a C4.

It would not be the first time someone came back after a contract was made and ask for adjustments.

Like Bill I don't recommend guru's - but ~$500 for a 2-3 day intensive workshop is money well spent in my opinion.

I probably would have adjusted how we graded the back of the house some and eliminated the lower deck, but it's there now, so might as well make the most of it!

It is quite probable that areas in different parts of the City may see properties selling at different CAP rates based upon desirability and risk.You also must remember that CAP is a course indicator of valuation - you would still need to examine the particular deal and make adjustments for age of the property, state of repair and current performance.