Since it is easier and more accurate to value pretty much any residential property by direct sales comparison why EVER consider a cap rate? 

Everything looks accurate to me with the exception of the zero down not owner occupied. 

I'm certain there are better, more accurate numbers to make that point.Thanks for sharing, Jaysen!

Although nobody can accurately call the exact tops and bottoms, the leading indicator for Hawaii markets has always been volume.

There are many factors for this insight to not be accurate, but I thought I would give you my (limited) perspective based on my limited knowledge and experience.

If it passes whatever rule you want, start finding out the following expenses and compare them to REAL rents in the area: Taxes Sewer and Water Trash Heat/Utilities HOA Cap Ex and Ops Insurance Mgmt Fee - as a % (general consensus here on BP is 10%. include it even if you think you are going to self manage) Vacancy- as a %. (8% represents 1 vacant month/unit/year)Can you recommend where I can get a more accurate rental analysis sheet?

That would explain why I didn't get an accurate credit history.  

But, the Listing agent and seller also have a responsibility to accurately represent what they are selling. 

Unfortunately I do not know enough about Lincoln City specifically to give you an accurate answer.

You can argue that you have to live somewhere anyway, so you're saving the rent or mortgage costs, but technically you could live under the bridge or in a tent or in your car for free/virtually free, so that's not entirely accurate. - You get all this already because as you admit you're somewhere in between, which is the smart place to be :)  I'm right there with you - most of my properties are F&C, but I also understand that I am trading return for lower levels of aggravation - i.e., my investment doesn't require as much of my time & energy as it would if I wanted greater returns.