If you are saying the Net Operating Income (NOI) is going to be $48k ($4k x 12 mo), then maybe you could expect between an 8-10% cap rate, which would value it at $480k - $600k.3.

However, if you are trying to wholesale the deal, I imagine it would be difficult to find an investor willing to do this.

@Jeremy Schreiber you just took one of the most difficult steps in real estate investment; the first step - Reaching out to seasoned investors in BiggerPockets for guidance. 

Building good credit is not difficult, in theory. 

. - I am the acting GC (coordinating everything), doing some smaller projects/work that's usually difficult to have my main contractors do. 

When it feels too difficult, most times it is. 

We had the founder of Waukeshaw Development (they have developments in Petersburg, Bedford, Blackstone, etc) come speak to our class and he spoke specifically about Emporia and South Boston being difficult to invest in because of the demand and economy. 

Evening all, I am getting lost in NOI and Cap rates.

The blue line indicates 28% which is a common front end DTI cap. 

Citibank caps ALL California second mortgages to $300k (over-levereged here maybe?)