@Jesse Imes echoing what other have said here, the value is going to be based off of sales comps rather than a cap rate on the potential income.

Buying a home and renting out rooms, especially in a high-demand area like Virginia Beach/Chesapeake, can be a great strategic move.Your strategy has potential, especially given the housing costs near bases and the benefits of your VA loan.

I am looking to potentially do the painting myself to save money.

That said, each individual lender will vary slightly in HOW they underwrite expenses for your DSCR, so it's very important to ask each potential lender about their process.

Renting to travel nurses and corporate housing can be a great way to generate steady income from your property.To attract potential renters, you may want to consider listing your condo on websites such as Furnished Finder, Travel Nurse Housing, and Corporate Housing by Owner.

Hello Everyone,I'm going to purchase a log cabin in the mountains and considering the potential impact of professional interior design.

The best first step you can do is get pre-qualified with a good lender, then start looking at and analyzing potential properties.  

Potential for additional rental income.Cons: Higher upfront costs for construction.

The potential payoff is great.  

These considered, not sure the potential extra profit would be worth the hassle.