Cap rates measure what the MARKET will pay for a NOI. 

I know there are a lot of other ways to measure returns, but we like the 1% as a rule of thumb and just the simple cash flow at the end of every month to keep the businesses going.  

You need to get a Restoration company out there to take moisture measurements of the wall and baseboards.

Am I able to put estimate measurements on the MLS and go off of this other house instead?

I would just add that if combining the properties is still a consideration, on the date of the first closing of the first sale, be sure that you utilize that date as the date to measure the identification period of the replacement property(s) unless and until you have officially ruled out combining the properties into one exchange.  

@Jeffery Waicak, et al,Remember that you're LOSING money every minute you're swinging that hammer.You might think you're saving $15/hr, but by Jason Scott's measure, you're losing $500/hr.

Maybe you are looking at an incorrect metric or it is not measuring what you think it is. 

Dear Team BP: I am impressed by this wealth of experience and will dutifully absorb these answers.I do believe this issue will only relate to my rental income as the AGI cannot be reduced.One interim follow-up: Do any of these corrective measures cause red flags? 

Measure it for ROI.

Look for deals that fit your budget, criteria, and risk tolerance, and I'd say add a little more reserves for good measure.