2% isn't really the "best" metric to measure a property.

So after much reading, I finally decided to take a shot at my first real estate investment; thanks in no small measure to all the wonderful information here at BiggerPockets.

I am mainly curious about the practicality of putting in the next 12-13 years to achieve some measure of reliable income.3)  Madness - I am honestly not sure why you think investing in real estate for me is madness.  

A Far better quote to have used would have been:"I don't measure a man's success by how high he climbs but how high he bounces when he hits bottom" - General Patton

Which basically amounts to a property inspector (more than likely an insurance adjustor or someone similar) that performs the site inspection, takes photos, and measures it - who then forwards it to some out of state appraiser who has never actually visited the subject and likely isn't an 'expert' in your local market.

Wealth is measured in time not dollars.  

Every measured level from Age, Income, to Household type have increased the Rental market share.2)It's a Supply and Demand Issue, both in SFR rentals and multi-family- 15 year incline.

Whoever's bid I like most (based on turn around time and price) I have them come out and get the exact measurements and look over any issues I may of missed.

Cap rate is nothing more than a yardstick designed to measure the prices folks are willing to pay in a given market for the purpose of comparing one property to another. 

You should take various flood proofing measures when rebuilding your property to make it better this time.