Property cap rate depends on how the property is managed and how much was paid for it, so it's different for each property and can be easily manipulated (just look at loopnet.com).

It needs rehab, but will easily rent for a minimum of $650 - $700 a month (2/2) and I have the extra lot being listed for sale as soon as I close on the property.

@James Camp An experienced person can easily get 90% of purchase and 100% of renovation from a HML.

The two bedroom one bath unit is not remodeled and if we were to remodel it we should easily be able to get $1,200 on the low end, judging by current rents in the neighborhood.

My confidence of easily renting it out at the end of expiry at the current entry price to maintain the same NOI is not high should tenant not renew. 

They all rent easily and the 2's are preferred.

My biggest concerns are always foundation issues, or a bad layout that can't be easily fixed. 

I don't think you can do short term rental like Airbnb in Napa easily. 

We have a NFCU checking and savings account that are already connected to our main accounts at another bank (so transfer can easily be made), but we do not really use the NFCU accounts at all right now.

The building can easily pay for management on its own so I can go that route at any time.