There are a few exceptions though, for homes that have unique features, homes that look like they were renovated with quality materials and tasteful design are being bid up.

But $99/mo (I'm paying more for the list uploader feature) will not guarrantee deals. 

There are a few self-contained guides that you can access here: https://www.biggerpockets.com/guidesI really like the alerts feature that can quickly guide you to current topics that might interest you: http://www.biggerpockets.com/alerts

Hello, I am curious to know as to how people go about getting the most accurate cap rate of a property.

It's a little deeper and apparently needed based on the math being done that initally failed to take into account taxes and insurance (and their ability to change), and Cap Ex which, as mentioned, may just be that roof you decided not to replace etc.

Analyzing a commercial property will come down to your NOI and cap rate.

@Michael Taylor the single family home at $1,500 in profit would be a 30% cap rate which seems way too high.

I recommend using 1031 tax free exchange (if you can) to defer those cap gains and build your capital faster.

I like the search features: https://www.biggerpockets.com/search

Cap rate is just under 5% (which we find more than adequate in our market).