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.

However, there are multiple preventative measures that can be implemented to reduce the risk of being selected for an audit.

When I look for mortgage quotes theirs never measure up. 

The lot roughly measures 18 x 26 as shown below; I was somewhat surprised of the rear parking requirements since this is not a new construction. 

How will the newly passed rent control measures affect how you invest in the Minneapolis - Saint Paul area?

Next time I acquire a mid-term property; the first visit I will: take detailed measurements & notes on each room & part of the exterior, I will take a detailed video walk thru.

While that may be true what is not as easy to measure is the amount of risk these projects come with, how much can go wrong, and how you an actually come out of them WORSE OFF.  

Quality is measured by the price of non-conformance.

In reality, cash flow is only a small measure of overall return.

Not only does separate bank accounts help to measure metrics clearly, but most importantly you should never use one account for your different properties.