I understand that I would need to seek information from some other local brokers to determine what the actual market cap rate is, and make an offer based on that and other variables like @Jeff Copeland mentioned.

On flips-- it is still possible but you are dealing with the tight supply. 

Highlights: Single-family home sales were basically unchanged with a total of 7,696 units sold;On a year-to-date basis, single-family home sales are up 2.7 percent;Total property sales fell 0.9 percent to 9,139 units;Total dollar volume declined 1.7 percent to $2.6 billion;At $230,538, the single-family home median price rose 2.5 percent to a record high;The single-family home average price declined 0.8 percent to the second highest level of all time, $300,178 (the highest was $302,599 in June 2015);Single-family homes months of inventory climbed to a 3.7-months supply versus 3.2 months a year earlier;Townhome/condominium sales fell 5.8 percent with the average price down 2.4 percent to $197,937 and the median price up 2.1 percent to $164,450;Leases of single-family homes were up 4.8 percent with rents up slightly to $1,883;Leases of townhomes/condominiums soared 12.9 percent with rents down 5.6 percent to $1,658.http://www.har.com/content/newsroom

Unless your exclusively focused in the "A" suburb neighborhoods outside (west of 275 and north of 696)  that mostly are populated with high paying jobs that the auto industry supplies the city..

With increases in density, you'll get a second appreciation from zoning in addition to the normal appreciation from supply and demand and inflation. 

Also, some direct mail vendors supply data list as well. 

Within each state the cycle is different and within that each county and city has different variables.

This team includes your contractors and they are one of the many variables that can impact your profit margins.

You can get discounted tile when looking at discontinued tile from a tile supply house. 

I put "profit" in quotations marks because I didn't account for the many variables such as repairs, maintenance, vacancy, etc.