Obviously everything isn't accurate on here but the house across the street sold for 68k, the mobile home beside me sold for 72k and the house next door that looks identical to mine sold for 78k in this past 2 months.

It is VERY accurate.

But I have no idea if this is an accurate number ( whether or not it includes installation and labor, or if its just the cost of materials).

They simply are not accurate enough.

The first step can be to examine the broker’s Pro Forma, but accurate Pro Forma are unfortunately not the norm in cash flow investing.Ideally a Pro Forma should be transparent and complete, including purchase price, monthly rent, real estate taxes, and property insurance costs, as well as projected major repair and maintenance reserves, vacancy reserves, and property management fees, at the very least.

So I've found that its difficult to evaluate multies in my area using the 2% rule, because everything is is priced much higher.So my question is does anyone have experience in massachusetts with using market cap rates with NOI to value the property and do you feel that this is a "Semi" accurate method with determining value (especially when comps are not available)?

Other BPers might be able to give you a more accurate number.

@J Scott is correct, you need to get an accurate local cap rate.

Im talking sagging floors, possible water damage, and many other minor things that would probably add up to tens of thousands of dollars (thats being generous, because I don't have tons of experience so I couldn't guess very accurately).

Im talking sagging floors, possible water damage, and many other minor things that would probably add up to tens of thousands of dollars (thats being generous, because I don't have tons of experience so I couldn't guess very accurately).