In terms of my goals, I concentrate/focus on three metrics (and cash flow isn't one of them because that can be manipulated). 

As for by-the-room rentals, many lenders won't allow that and if they do, they qualify you off of the long term market rents (which, as I'm sure you can imagine, would be considerably lower than the actual per-room rents).

Having toured some of the most prestigious, expensive and historic estates and properties from Brookings to Astoria, there is still considerable investment opportunity at the very high end of the luxury market.

So cash flow isn’t the biggest concern.

They’ve likely invested a considerable amount of time and money into it.

BRRR worked great pre COVID but only really cash flows now in high crime areas. 

Thank you for your time and consideration.

Your interest and holding costs will also be considerably lower.

I have referred a loan out of state based on NOI, cap rate at purchase, room for increase income and purchase price vs market value.Maybe I didn’t articulate the intent of the post as clearly as I hopedFor anyone who has bought multi family out of state, “what are gives you the warm and fuzzies about a deal”:Obviously not cap rate, but maybe vacancy rate,  Cash on Cash ,GRM, IRR, Unlevered free cash flow, Cities over 250k?

If you have considerable equity in the property or multiple properties it's even more important.