We don't anticipate having to do an eviction and we would hate to take such drastic measures with our tenants but we would do so if we were only given that option as a last resort. 

When calculated, it is a measurement tool that lets the lender know if the investment at hand will generate enough cash flow to, at minimum, cover the proposed debt amount.How does this benefit you, the investor?

Managing and preventing pests at a rental property requires a combination of proactive measures, timely response, and proper education for your tenants.

Or there is a reason why "agent-measured" is an option in FMLS for square footage.

Finally, have you created metrics yet for how you'll measure this investment.

It really depends on what your yield measures.

At least not after taxes anyway, I'm not sure if they measured it against my gross income. 

I'd be putting these things in, and then share with the neighbors what preventative measures you've put in place to make sure you are helping preserve the neighborhood.  

If someone buys land and holds onto it they are negative cash flow and almost all of their return is going to come from appreciation, the reality is that real estate in a good location will appreciate over time and that is often the biggest part of the return, the cash flow is more of a defensive measure to make sure you afford to hold it long term.

Unless you're paying cash for the property, cap rate probably isn't the best measure to use for a single unit rental property.Generally, cap rate is used for larger and more complicated investments where you're trying to screen for whether the investment passes an initial viability test.