The cap rate is still at 10%, and assuming other buyers in your market would only pay $1,000,000 you have additional risk.If you are analyzing deals involving cap rates, it would be highly advisable to consult with a commercial broker that knows the local market well.

I have been listening to the podcast and am getting really excited to learn all about the different ways to earn additional income as a real estate investor.

Keep the rest (117k) for savings/additions/whatever else/maybe pay the monthly mortgage??

I have been considering an IRRRL on my primary residence to drop the rate on my VA Jumbo loan, but received a flyer in the mail today advertising 100% LTV cash out (appraisal and income verification required) with the same rate I have seen on the IRRRL product.

Failure to do so results in having to refund the entire security deposit, PLUS an additional 100% of the original deposit. 

In addition to the local REIA's, check into local real estate Meetup groups (Meetup.com) and there's also area-specific Facebook groups.

Hence this post.I could use some advice on where to find good data on the present market conditions, particularly recent sale information on single family homes in my area with a description of the product. 

I want to add it to our rental portfolio.

So VRBO does my calendar, and mentions additional amenities provided as well.You can get an idea by looking on line and looking at properties to see what they are charging, how many days they are vacant and see if you can calculate how much you need during the off period.

Where Saved MoneyThe CabinetsWe used the base product line by Wolf called Wolf Classic.