After $150k of reno, property currently does $85k gross/year with an NOI of $59,500 and is currently worth $850k at a 7-cap.  

For example, I know of pockets where people are still pulling 7+ cap rates and cash on cash can be in the double digits.  

Front patio, covered entry with columns , Windows where the garage was , relocate driveway to the side of the house and erect a rear garage , add brick facing and or hardy plank Larger Windows but now I've spent a load and haven't even tackled the interior.My question is how far to go what are the best bang for the buck renovations although I understand the basics i.e.

Most commercial deals are sold by the listing broker.. if its then out to the brokerage community its not a great deal or its a tough to sell prop.But yes these are all reasonable.. no one wants to waste their time with tire kickers.. and you certainly do not want to either.only thing I would questions is the on going cap Ex etc.. unless buyer is looking for some seller finance then that would be expected... this is not the world of phoney wholesalers who have no money trying to flip houses..

Rents for each unit: Unit 1) $513Unit 2) $450 Unit 3) $400Total monthly rent= $1363 Annual NOI= $16,356 27.3% CAP rate I don't plan to use property management on 3 units but for the future I will.. $1363 x .10= $136.30 50% rule: $1363/2= $681.50Property management $681.50- $136.30= $545.20Estimating Taxes/ Ins/ Mortgage On $59,900= $383 $545.20- $383= $162.20/ 3 units= $54.06 cash flow/ units Is this a good deal?

On the residential side, 7% cap and above properties, with around 15% cash-cash returns with conventional financing (and proportionate for 3.5% down FHA, which lowers cash flow to due PMI, but increases Cash-Cash due to lower down payment).

It's not possible to calculate the cap rate and other metrics without knowing the acquisition cost. 

Do any of you use cost per unit to vet out a deal in addition to CAP rate?

Keep in mind that taxes are capped in Michigan--taxes cannot be raised beyond the cost of living unless the property has changed hands or an addition or renovation that increases the value of the property is completed.

.), taxes, insurance, repairs, cap ex, management or self management, utilities, etc.....