I feel like agents might play with the numbers in order to make it seem like a better deal that it is actually.

When doing a cash out refi, you don't have to take all of the 50k out, you can play with the numbers so you can take some out for a down payment and still cashflow.

I enjoy activities, such as hiking, kayaking, bowling, and playing pool.

., I also think this is part of a power play on their part.To those that are still with me, I hope this was interesting reading.

Since this is a first property, I'd like to play it a bit more conservatively, which (I think) is why the cap rate of 4.79% is lower than ideal.

I'm trying to learn to evaluate a deal by playing around with numbers with bunch of properties. 

With no mortgage, you should not have paid doc stamps - it's a title play not a sale.Then the Quit Claim:  it costs $10 to file the one page document; an attorney would charge $250 to complete or you can do it yourself by downloading the form.Titling. 

Even with a VA loan you are mostly gambling on appreciation with low cap cashflow.

Also be aware that reviews and listing quality plays a major role in how much you can charge for a property.

@Jerry Puckett I think (that can be dangerous) that the OP is buying this wholesale, not wholesaling the deal.If this is something you want to manage on your home then I would simply play it by ear.