That's where you would really make your money on a buy like that.The easiest way for an appraiser to quantify the amount of money that has been spent in a renovation is to spend it on the kitchen and the bathroom(s).

The answers to these questions can't easily be quantified in a spread sheet so it's really just a judgment call on your part.Also, what's your goal with this property?

It's hard for me to quantify the value of getting the capital returned sooner - that's why the higher IRR.For me, if it's between this and a good Multi deal where i'm going to get depreciation plus 20% total annualized return, i'm taking the multi deal w/out question.

Calculate and quantify your costs and benefits before getting too heavily invested in a single Park.  

Depending on the type of investor financing you are seeking, credit scores/creditworthiness is certainly one of the several factors you will be quantified by (hard money being the exception).

Of course, the difficulty here is determining how much to increase the discount rate to account for the risk you can't quantify.

It is easy to run the LTR numbers and decide off of that, but if I'm going after MTR, STR, student housing, or some other strategy to greatly boost cash flow, I'm curious how much of a difference the neighborhood makes and how to quantify that (again, not by LTR numbers).

How about your stress level when a tenant is getting emotional, how do you quantify stress or higher blood pressure?

Most want things like argus projections and heavy market data to quantify your vision.

As a qualitative criteria, yes, you want your properties to appreciate on some level, but I just don't think you can quantify it well enough to consider during underwriting/ROI analysis.Similar situation with tax benefits - we don't ultimately know what tax brackets will look like long term, and "tax reform" is a campaign talking point every election cycle.