Perhaps we can connect to share and compare information? 

Compare the two. 

It would be a good idea to align yourself with an agent here in SD like myself to get you a comparative market analysis on any properties you are interested in.  

I need to be able to compare it against other things I can invest my money in, like stocks, loans, flips, etc - that's why the cap rate is critical for me.

Comparables is the most common method.  

My mortgage broker is saying that the rate on rental Fannie Mae ARMs is very bad compared to 30yr/15yr fixed.

Aside from the inside looking nice and the proximity to campus, because I bought it right, I can keep my prices attractive yet profitable compared to the new builds. 

Originally posted by @Marc Andrew: . 126,820/1,700,000 = .0746 which is your cap rate.Which means absolutely nothing unless you have cap rate comps from comparable sold properties. 

Shanaa,How do you compare you confidence and competent level approaching things that is new.That's where you begin once you find the real answer your on your way to mastering your real estate investment goals.No doubt you'll do find!!

The $800 number doesn't really help in comparing to the OP's deal.