I assume it’s fairly accurate and has been a nice resource to help me and my wife stay on track.

I am fairly new to the real estate development/home builder market.

I think your assumption of 4.5-4.90 is a fair assumption. 

Get a few properties under you belt, cash flowing and then you can move where ever you want to settle down.Your scenarios would get you at least 4 houses maybe 6 if you play it right in places like Indiana, Ohio, and so on.

in so cal it would be RARE to have a lawyer involved in this transaction @David Weintraub  we are a title and escrow stateso take out the 1k  and the two addition doc review fee's 750 and 795  those are straight to the lender for his profit side.other than that fee's are fairly standard..

@Paul YousefI had to read your post several times as I thought my eyes were playing tricks on me.

I'm going down to Triple play on Tuesday until Wednesday evening?

I'm fairly new (Started 3 months ago) but it seems to be a good deal the GOI is 96,000 it currently has long term tenants with a 100% occupancy and the NOI is 59,000.

What’s the best play to run?”

I've had better experience with "fair market" transactions listed by motivated individuals.My advice is to have your agent to set up a search for vacant houses with key words like 'fixer-upper', 'probate', etc.