If we decide we're interested, then we take measurements on that same trip so we know how to estimate material costs like flooring, new roof, drywall, etc.

Despite the negative impact of lockdown measures and remote working arrangements on many urban/CBD properties, investment volumes remained strong in H1 2021, with increased pricing in many regions.

The CPI isn't always a great measure of inflation... as we know.

Next they can find people to rent, but don't do so well on keeping properties fixed up, finally I find that keeping myself in the renting game is a very important factor in measuring demand and setting rent prices and knowing what I can pay for a property and still cash flow. 

Spying on people Measuring the height of their grass ,driving around town and writing love letters to random folks  is a total waste of time and money imho 

In some research recently, I have noticed a measurement of bps as it pertains to Vacancy.

It doesn't account for expenses so it's not reliable measure of much of anything.)In this case it's counting how many year of rent collecting would it take to get back the initial purchase price of $45,000. (2.88 years X 12 months = 34.5 months X $1,300/month  = $44,928.)Hope that helps!

Cap rate is a measurement of market sentiment.  

So IRR or return on equity are better measures. 

However, if you own one or more properties with *considerable equity* that does add a measure of safety as you can sell or do a cash out refi if/when you get in a bind.