I'm struggling to determine what acceptable CAP rates (CAP Rate= NOI/Purchase Price) are for particular areas.

You really need to know the area, population movements and other factors in buying, determining the hold period and expenses, disposition and expected future price points.

As a ball park I am using the following formula to determine the buy price

Get your credit cleaned up, get some cash saved up, then think about buying a residence if that's what you want.If you're determined, I'd be upfront and offer the asking price (or a bit more), no money down.

If you have a completely rehabbed building or new building then for years 1 to 5 of ownership yes costs will be less but also the reverse holds true in years 5 to 15 you will have roofs, water heaters, A/C's, kitchens and baths to replace etc.

I must get written bids by a licensed contractor that must be submitted to the inspection department for approval to determine repair costs.

It allows you to determine what your cash flow would be on any given house on the fly.

To determine what you'll be paying, check to see what the SEV of the property is.

We will be moving to another state-yet to be determined.

inherited vs probateInherited means that title has already been transferred to an heir or heirs.A Probate lead indicates that title is in limbo subject to the court process that will determine the transfer of title.