It doesn't seem that the above formula lends itself well to determining what the future value of an apartment building would be after 5 years of rent increases....ETA: I found this article on the web that seems to agree with me that you must look at comparable sales when identifying what cap rate to use on the property when you go to sell.

The web site is www.ccim.com

I am an Air Traffic Controller and will be doing that as a civilian.

@Joey Nakayama @Brianna SchmidtHow's the traffic?

As for choosing the attorney, since I did not find any fellow investors who had any recommendations, I just did a web search, specifically looked for a local attorney specializing in real estate transactions and called around.

It is 30 miles from my home, typically with nasty traffic both ways, and I don't really want to deal with it any more.But that conversation got me thinking... if they're going to stay there for many years anyway, why not let *them* buy it, and stop dumping money into rent. 

So far, my web of connections through various account executives has been successful and I want to be there as a reliable mortgage broker partner for people.On a personal note, my REI goals and strategies are focused on accumulating as many 2-4 units as possible through house hacking of primary financing.

So if anyone could point me in the right direction on the web,I would greatly appreciate it. 

I offered $975k and thought it was a done deal....then a local medical practice offered $950k -  seller picked THEM - because they knew that medial practice for 30 years, it was a local fixture, etc.   60 days later - that buyer terminated because they were counting on the neighbor (hospice) to share the traffic-light --- and they didn't do it.  

Also the RI Secretary of State web site and business office has been helpful in the past with questions.