We thought we were doing well to have the lowest priced (renovated) home in the (highly desirable) school district. 

The listings I'm looking at are calculating the CAP rate with "$0" cost for VMR and it's inflating the rate to a more desirable number. 1.

I don't know what neighborhood this is in, but multis in Indianapolis can be really tricky, and that rental rate it would suggest to be this could in a less desirable neighborhood where it is hard to get reliable tenants.

Hi @Joseph Y.Welcome to BiggerPockets.I understand your desire to invest in the market you're moving to for the sake of "convenience".  

*Property Details:-3bd/2ba Single Family Home (1,821 sq ft. on 11,349 sq ft lot)-ARV: $185,000+-Rehab Cost: $50,000-Small farm town in Central California (Lindsay, CA)-Moderately distressed and ready for a rehab-Located in a quiet and desirable neighborhood*The Numbers:-Under contract for: $80,000 (seller's profit)-Assignment Fee: $10,000 (my profit)-2nd Assignment Fee: $5,000 (2nd wholesaler's profit)-Purchased from end buyer for: $95,000*My Wholesale Costs/Fees:-Cancellation Fee: $500-Termite Inspection: $90-Junk Removal: $200*My final Wholesale Profit: $9,210I also got my EMD of $5,000 back from the seller since he received full payment from the end buyer!

Hi, I am in the beginning stages of the real estate business here in Arizona, and my dad has expressed his desire to help me get started.  

On the flip side, I totally appreciate that the Bay Area is a desirable place for families to move and we are land and development constrained.  

Bathrooms and kitchens have never been updated...I attempted to price accordingly for some equity knowing some improvements will be desired, but not a necessity.

We passed on a 4BR house that was very desirable just because of the numbers alone.

You don't necessarily need to move to a less desirable and cheaper market to do it either.