Then and only then are you comparing apples to apples.

I worked at Apple, Microsoft, and Intel (starting in the late 90's) and I was super fortunate along the way (due more to lucky timing than outright talent).I just want to understand the business as much as possible so that I don't make easily avoidable mistakes. 

Beware, however - you may be comparing your 'market' with other places that have been fixed up and are fresh on the market, so be sure you are going apples to apples.One of my vendors has a saying: "Pigs get fat, hogs get slaughtered."

Only then because I pushed we were able to reach an appointment after many days and communications back and forth.In other words, would you change anything in the response if my question came up after COVID restrictions are lifted and we are back to normal rules?

The most difficult task related to placing a CAP rate on a property is you need the TRUE CAP RATE so you can compare apples to apples.

I don’t know your area prices but in my experience here in CA, that is a bit on the high side and I would expect other bids to come in lower.Best bet is to get at least 2 more bids, make sure they are apples to apples, and get their timelines and warranty info, those are just as important as the price as time is money.

All owners are willing to go in on development projects to get these properties up to rental standard and profit share 50/50 with me for at least 10 years for doing the heavy lifting.

Just a face lift.

I've found its just an easy way to qualify a property on an apples to apples comparison.

Lot's of heavy lifting and time with analysis for a low fee/return.