I'm hoping to get some advice from the experienced members here! I need some help vetting my triage methods.

If a park meets my basic criteria (# of spaces, local economy, etc.), I've been using the following two methods to quickly triage whether the numbers might work:

(1) Use an Effective Rent Multiplier and then compare it to the price to see if it's in the ballpark. For example, Effective Rent X (60 or 70 depending on whether the park pays water); if that number is within 35% of the asking price, I pass it to the second stage of analysis; and/or

(2) Estimate an NOI to see if I can get a 9-10 CAP on estimated normalized expenses. For example, I estimate NOI to be: Effective Rent - (35% or 45% of Effective Rent depending on whether the park pays water).

First, anything I need to change? Second, any other ideas for quickly determining (10 min or less?) whether it passes triage?