Begin using this cap rate to determine value.

But if the renters burn them down, I would have the ability to rebuild what I had, just not the old wood and windows and doors:(My insurer does let me lower the amount, but if I go lower I have to sign that I understand that the property is insured at an amount that would not cover all the costs for a rebuild and I am underinsured by XX%.

He appreciates having the ability to flex to my jobs on rainy days, rather than pounding nails in the rain or taking the day off.

Would I still approve for FHA even if I have done few wholesale deals, or it doesn't matter and it has to be actually buying a property to lose the ability to use FHA?

So if I were trying to determine a Commercial RE's current value, I would need an accurate NOI (rent roll, utilities, etc.) divided by the current Cap rates (from a broker or PM)?

I'd love to hear how market conditions in Waco have affected your ability to execute your business plan. 

Debt gets paid an interest rate.So, I would first suggest looking at those to determine who did/does what, and the value associated with those. 

Pay a broker for a BPO on the house if you don't know how to determine it's true value yourselfThe title company (or lawyer) will handle the bulk of the back end work.

It is ideal (and will really improve your ability to successfully engage contractors) if you can float the construction draws3.

@Zach Hitner - Before even diving into if should use CAP Rate on a SFH, the cap rate is a measure of the market, not the number you should use to determine returns.