Reason being, I'm never going to buy the deal for what the seller is asking and there are other variables that need to be factored that are sometimes not accounted for in the CAP Rate equation. 

Things like, who directed the work, how were they paid, who supplied the tools, equipment, & materials, do they work for anyone else, etc. 

I can't imagine it every costing $1M to build a 4 plex in MN....I have been looking at this pretty hard for myself, due to prices or lack of supply it seems that it would be cheaper to build a multi-family property in some areas than it would be to purchase one.In looking at a recent appraisal I have - under the cost approach they estimated rebuild cost at $85 per sqft (tired building). 

Just depends on all of the variables.

So a lot of the uncertainty was removed and the main variable that remained was our construction cost.

I know there may be way too many  different variables to  throw out costs, but maybe a ballpark cost or some specific example of someone doing this?  

There will be no issues with the blown insulation and electrical wiring or pex supply lines whether you use cellulose or rock wool.  

Nice to have the "we do us it" side to the conversation.And yes, it is always that unknown variable of those who didn't call because of X or did call because of Y. 

Supplies you with online flash cards to study for the exam and opportunities to save important documents that are used throughout the sections.

Does the economic boom cause developers to over develop, keeping supply/demand thus appreciation essentially flat?