Given how single-family houses are valued (comparable sales), Cap Rate is really best suited to analyzing commercial properties, which are valued based on income generated.Fortunately, what you were calculating above really was (mostly) a CoC number.

Comparing that to a nicely put together home doesn't seem right.  

January 2016 Houston Housing StatsHouston Real Estate Highlights in January Single-family home sales declined 2.1 percent compared to January, marking the fourth consecutive monthly decline;Total property sales were unchanged at 4,965 units;Total dollar volume was statistically flat at $1.2 billion;At 262,663, the single-family home average price reached its highest level ever for a January;At $200,000, the single-family home median price also achieved a January high;Single-family homes months of inventory climbed to a 3.3-months supply versus 2.5 months a year earlier;Townhomes/condominium sales rose 15.6 percent with the average price unchanged at $183,076 and the median price up 2.4 percent to $140,000;Leases of single-family homes rose 2.8 percent with rents up 4.2 percent at $1,742;Leases of townhomes/condominiums climbed 12.2 percent with rents up fractionally to $1,568.

I would suggest checking out the markets here and seeing if there is anything comparable to NJ.

As I said $7500 is not high compared to what others are charging.

(After you deduct the down payment) it has a GRM of 67.575 and that's assuming you can easily get what the comparables get in the area for rent.  

The cost of living in San Antonio compared to the other big cities in Texas is lower and businesses are opening left and right.  

It's in a great area and has lg sqft compared to the neighborhood.

I spend a fair amount of time in the car and was wondering if anyone had any other real estate investing podcasts, YouTube channels, etc. that they would recommend that also provide content comparable to the BP podcasts. 

You should run it through a deal analysis, as long as few other options on MLS or Craigslist to get experience with that and see how it compares to other options.