With all that being said, I am considering Virtual wholesaling, I'm under the impression that it wouldn't be viable seeing how I couldn't drive for dollars and would have to pay to find all leads as well as  finding boots on the ground.

It helps that the units have luxury finishes compared to the others offered in the area and rent is only $200-250 above the average price.

If debt was included in the NOI, cap rates would be different for everyone (except cash buyers) depending on terms and DP.NOI doesn't include debt service or cap ex so we have a universal base to compare other properties to.

Does running the numbers mean looking at the potential sale price, and comparing that to Monthly expensesWhat class of home it isWhat class of environment is the dealPotential cash flow Running those numbers, and seeing if it is a potentially good deal, or am I completely misunderstanding this concept?

Find as many comparable homes in your market.Many - myself included - recommend a 5-5-5 strategy:5 homes currently listed on the market5 homes pending (under contract)5 homes recently soldIf you're not an agent, you may not have the ability to find homes currently under contract but you can at least look at what sold recently and what's currently active.

Then you will see if they will help you stand up or kick you while you are on the ground. 

Dora you'd see how they compare. 

Understand the fees involved and calculate the total cost for an entire year of management so you can compare the different managers.

Hold your ground and be patient.

Permanently affixed and ground set.