A cap rate IS NOT a measure of profitability. 

I have everything I need to submit permit and will likely submit Monday, that should get me my permit about 1 week after I close, which works fine since I will need to clear and grade and can form the slab before permit is issued.I received my plot with some mistakes so I sent it back with comments (always double check setbacks and measurements).

What should I be aiming for? 

Two other things I find handy are a welcome mat to wipe feet particularly in bad weather and a tape measure.

The buyer's list how to thread is aimed at wholesalers, but is relevant if you truly have good deals.Hopefully there are no words like tape, NCND, "direct to seller", LOI, POF and other such buzz words involved.

I'd also suggest you aim higher than one house with seller financing!

as someone previously said, I aim to be attractive to my ideal tenant.

I think is best to aim something above $100k in good neighborhood.2.

However, if it became apparent that this person did not intend to share any of the chips, then I would go back into full ruthless zero-sum mode and up my game until I can grab all the chips as fast as possible, and more for good measure (having someone make a grab for all my chips does wonderful things to my brain).

That's mostly a feeling, as I don't know how to measure that or what the average appreciation for a fourplex is in our area.