Valuating property with month-to-month leases

[Anthony Brown]

I am currently looking at purchasing a multi-family property and learned that there are no existing leases, the owner has everyone month-to-month. I had previously valued the property based on stated NOI, have not yet seen rent roll, etc. My question is whether there is a way to discount the value of the property based on the m2m tenants and additional risk of not having long-term leases secured?