Subtract $9,800 for desired cash flow and you're left with $8,900 for max payment.

Personally, I don't like it, but that's just my taste. qkjones is right in that it's a eco-friendly product which makes it desirable for a good number of people but it's not as durable as other hardwood flooring products so there's a trade-off.

____none_________________ (none, just home, already landlord, sold several before)What types of properties desired & why?

We thought we were doing well to have the lowest priced (renovated) home in the (highly desirable) school district. 

The listings I'm looking at are calculating the CAP rate with "$0" cost for VMR and it's inflating the rate to a more desirable number. 1.

Ever think about how much dead weight that is in such a small area?

For some, it’s losing weight.

I don't know what neighborhood this is in, but multis in Indianapolis can be really tricky, and that rental rate it would suggest to be this could in a less desirable neighborhood where it is hard to get reliable tenants.

Hi @Joseph Y.Welcome to BiggerPockets.I understand your desire to invest in the market you're moving to for the sake of "convenience".  

*Property Details:-3bd/2ba Single Family Home (1,821 sq ft. on 11,349 sq ft lot)-ARV: $185,000+-Rehab Cost: $50,000-Small farm town in Central California (Lindsay, CA)-Moderately distressed and ready for a rehab-Located in a quiet and desirable neighborhood*The Numbers:-Under contract for: $80,000 (seller's profit)-Assignment Fee: $10,000 (my profit)-2nd Assignment Fee: $5,000 (2nd wholesaler's profit)-Purchased from end buyer for: $95,000*My Wholesale Costs/Fees:-Cancellation Fee: $500-Termite Inspection: $90-Junk Removal: $200*My final Wholesale Profit: $9,210I also got my EMD of $5,000 back from the seller since he received full payment from the end buyer!