@Jason Brattner cap rate is a reasonably accurate way to measure investment opportunities without taking financing into account.

I was looking for a magical measuring stick... thanks for your info!!!! 

If you measure the exterior dimensions you will come up with a different amount than if you measure the internal dimensions. 

A key measure is Debt service coverage ratio.

How much turnover and expenses over time is what will be the key for you to measure.

It's silly to try to use them as a measure against ordinary investors.Real estate is the safest, with most benefits, way for the ordinary investor to grow their portfolio.

That seems pretty clear which is why it's a common point in contracts, "applying for financing" is specifically measurable, if they can't prove to escrow they applied by a deadline specified in an offer then that should be a pretty clear breach and the EM should be collectable by the seller. 

Measurements are approx & should be verified.

I've done a TON of DIY (actually, probably multiple tons if measured by the mass of building materials!!!).

I have a duplex in a 1031x that I would love to drop and get a 6-12 unit; but in this market there aren't any in my area that measure up to what I want for a return and values are just as likely to go down as up IMO.