It is true that it is ultra-competitive here but it's very competitive just about every where. 

Using a percentage of the gross rent would definitely be ultra conservative considering the home is new and has some warranty. 

There are an abundance of tenants and ultra low vacancy rates.

I'm going ultra conservative right now basing the NOI of 50% of the gross and going from there to come up with the cash flow.

National tenants are ultra picky on sites in an area and take more time in negotiations than regional, small franchisee, mom and pop type tenants.You need a void analysis to see if even feasible for national tenants to want your site.If you have a smaller center the retail property management companies that focus on up to 25k spaces and below tend to be better with lease ups.

Beth:Something like this:That dark brown and yellow under the ultraviolet light is what happens when dogs do not get taken outside sufficiently.  

If you want to be ultra safe you would have to turn down any loan offers from people with no loan making experience who responded to your solicitation and accept offers from people with experience and who already hold a number of such private loans.

You mentioned Ultra is pricy.

I am using an ultra-conservative appreciation rate (basically 0) when I calculate the final ROI, but holding a property for 30 years still gives me a nice ROI.

People are paying ultra low cap rates in hopes the rent growth train keeps on chugging along at a feverish pace to blend their cap rates up to acceptable levels over time.