The flip calculator allows me to arrive at my "maximum allowable offer ".

When it arrived it did not include an asking price, is that normal?  

...to estimate a prop value at an appropriate cap rate (8.5%), in this case we would say the bank uses 8.5% cap rate and divide into the NOI to arrive at an approximate valuation for the property.  

Once you plug in all the numbers in the Bigger Pockets rental property calculator, you can keep adjusting the purchase price to arrive at the price will yield $400 per month positive cash flow after all expenses.

When I arrived at the home, Murphy's law showed up and more things couldn't have gone wrong.

Of course CAP is the ratio of NOI / Market Price.As a metric, it's marginally informative - and only as valid as the methodology used to arrive at the NOI - and of even less merit when evaluating residential real estate.You would not base a purchase decision on NIM or CAP - I would look carefully at the free cash flow and return of the business, along with it's potential for growth (and the cost of realizing that growth).  

and this was walk thru when she arrived..

Then read on.I am that guy that arrived in USA after leaving his country, namely Cuba, in a homemade raft.

If you want to use a cost appraisal, you must then subtract various depreciation factors to arrive at one component of a FMV appraisal.

After taking into account the rehab, I often arrive at prices similar to the cost of buying land (30-60k) and building new (175-250k).