I listed my first rental unit in July or August and received hundreds of inquiries within the first few days, about 20 applications by the first week, and I got a signer 2 weeks in.

The cap rate for a townhome really isn't applicable as it is a means for determining the value of a property based on its NOI.

The DSCR ratio is calculated by taking net operating income (monthly amount shown on your lease or on the 1007 page of the appraisal)  and dividing it by total debt service (monthly principal, interest, taxes, insurance, and HOA if applicable of the property). 

Ask for feedback from applicants and how many applications they had that converted to showing etc. 

Or, do you have your own rental application?

It may be helpful to consult with a legal professional to ensure that the commission arrangement is in compliance with all applicable laws and ethical guidelines.

And then you may sign a loan application with them, you may pay some fees, rate lock, etc. but there is no formal term sheet.Therefore its an important distinction among lenders--s how long does it take to typically close from various stages?

(You don’t say where you’re located, so no way to know if you live in a rent controlled city that has something more restrictive.)Basically, unless your property falls under one of the few exemptions to the rent cap law (AB1482), you can raise the rent 5% plus the applicable Consumer Price Index (CPI) or 10%, whichever is lower.

Bad Guy repellent: https://www.sherwin-williams.com/home-builders/services/paint-technology-and-application/sw-article-pro-antigraffiticoa

A scope of work document is more applicable to agreements with contractors, since contractors are the ones who actually perform the "work" and fix the issues.