@Adam Gerig 7.5-8% CAP These are Brand New Houses or 5-8 years old.

Example a buyer says they want multifamily but want a B asset in a B area fully performing at a 10 cap ( not going to happen as they trade in the high 7's nationally and maybe hit the 8's if your lucky ).

Some lenders cap those at four, but they are available up to a total of 10 mortgaged properties.

If the hard money lender caps at $70,000. 

How about an app or a website that uses the API like padmapper.com that pulls sales price and the rent zestimate and automatically calculates a cap rate based on 50-60% of gross rents equal to a NOI?

In Indianapolis, we are able to get 15+ cap rates on duplexes and triplexes, and that's with 30-35% assumptions for property management, vacancies, annual repairs, etc. 

According to your numbers you estimate $9,118 in NOI on a purchase price and closing costs of $150,000 for a cap rate of 6.1%. 

I made them pay for this. but plumber didn't finish the job, just capped off some pipes going to shower in tub. now i have to get a plumber.

Also what are the cap rates and cash on cash (with rehab included)?

Please also read carefully the 82% cap rule in 61.34.120(1)(b), which basically says that a distressed home purchaser should buy from the distressed home owner at least for 82% of FMV of the distressed property.