The lowest cap rate on the market indicators report is 4.04%.

You will need a local broker or appraiser to assist in finding that data, unless you have access to CoStar, Axiometrics or REIS Reports.

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He also knew about knob and tube as it was listed on his inspection report from 2003, but said there was none on his disclosure.

In fact the latest report from CMHC has been sitting in my inbox for a few days already.

In the process I found one inaccuracy that is only coming up on my Experian report which is lowering my score by 30+ points, although the Experian score is still above 750.

@Jose Cintron  if you do not have 13 + years experience pulling ti-merge reports like myself or @Brian Gibbons   then take Brian's advice.

So if market for the area is 7 times gross rents then Joe could accurately say Hey Broker:  Your reported gross rents are $20,000 and the market GRM is 7 so the market value is $140,000 and you're asking $210,000. 

have someone that has access to MLS run a report that can pull this information

This adds weeks to the close because the construction needs to be finished, then we need to wait for the appraiser to come out and report back to Wells Fargo and then Wells Fargo will need two weeks to close for whatever reason.This is the beginning of a long journey but this was quite a lesson that hopefully does not derail the deal.