Cap rate = NOI ÷ purchase price. That's it. It tells you what a property earns before any loan — so you can compare two houses apples to apples.
Monday's deal: NOI is $14,880/yr. At $200,000 that's a 7.44% cap. At the $210,000 asking price it's about 7.09%.
Same house. Same rent. The price you pay moves the return — not the other way around.
What cap rate do you refuse to go below in your market?