Most of the listings I see on MLS in the Smokies are still bragging about 2024 rental numbers. 

You can also see what the rate would be with no origination cost, see if you can get a cheaper title policy and insurance policy.

An example will illustrate the process.Suppose you are considering a property for flipping.

I see investors collect 100+ addresses then send one postcard and give up.

If it was a rental and there was proof of a lease and the other guidelines will depend on the lender- various DSCR lenders may want to see the property is either rented with showing receipt of move in funds and written lease or they want see a certain amount of months or rent having being received. 

reason I ask  is for example when we build in Charleston SC  permits are less than 10k for million dollar and up new builds..

Yes the numbers are fictional, it is a rather optimistic example to be fair.

They only sell because it's losing money, usually due to deferred maintenance or ongoing tenant issues and they see no way to turn the situation around.According to Redfin, this property was built in 1940.

In Chicago 90%+ of work you see on buildings on the MLS being sold have no permits pulled. 

When you are underwriting a small multifamily deal, for example, 4 to 10 units or more, in a tertiary market with C & B-class properties, what is the best way to determine a safe cap rate for your subject property?