I fully understand that CAP rate is NOI/Purchase price or value.Here is what I think the list of expense (all that are paid by the owner) should be for determining NOI;1) Property Taxes2) Insurance3) Utilities (electricity, water/sewage, trash as applicable)4) Landscaping & Pest Control5) Repairs & Maintenance6) Vacancy7) Management FeeWhen comparing with market cap rates, is there anything else that is included (like Capex)?

Ill fill out an application for the ADU and see's what happens.

Given the chance to search online and fill out an application, they will find new housing.

@Mason AdelmanDavid Lindhal- emerging markets I would also read Don Campbell (these are Canadian based but highly applicable conceptually) 97 Tips for Canadian Investors as well as Real Estate Investing in Canada 2.0Read some property management books also, Mike Butler has a good one, the BP Managing Rental Properties one is fairly good, Douglas Gray has a great one (extremely thorough but Canadian based, again, concepts applicable).

I think in Lauraville your tenant quality will be ok but you will have to filter a decent amount of applicants vs Hampden where it will be really easy and almost half the applicants will qualify.

@Remington LymanThat’s great in theory, but in real world application, near impossible to time your sale and have an actual good 4plex deal to buy that makes sense pop up within the allotted timeframe, and if you’re lucky enough, hard to repeat 2 more times

Financial peace to me sounds like staying away from loan applications and refi's as much as possible. 

You also need to consider different kind of application fee like renovation, renter. 

Our cost: $59/mo.Automation via Zapier.com - this is a pretty amazing tool that allows us to connect different applications together.

I think you should add some criteria on minimum credit scores, yes/no to applicants with prior evictions or unpaid judgements, allow smoking yes or no.