Believe it or not, its how the pros do it even to this day.We purchase properties in Colorado all the time using this methodology. 

I'm in the Ocala area and am looking for a manufactured house to buy and hold...kinda a start small and work my way up methodology.

Developed a methodology including extensive due diligence as well defining entrance and exit strategies.A goal on BP is to identify partners and HML’s that wish to include these collateralized debt obligations to their portfolio.Much continued success!

Found a guy who does a lot of hotels, but the guy looks ancient.

Doesn’t sound like you’re following this methodology.  

Hoping someone here might have some proven methodology on how to make this all click.  

Just to clarify, there are three main methodologies to valuation: income approach, replacement and comps.

Looking deceiving simple - NOI / price pad - they are only really useful if comparing apples to apples in the same bushel ... and it helps if the same person is doing the calculations on them all (using the same methodology obviously).Even then it is just a ratio which allows you to quickly compare the cost of the similar cashflows ... it doesn't confirm any of them as a good investment.

maybe its some sort of ancient philosophical exercise

If electrical is the ancient knob and tube, it may or may not be in need of work in the future.The duplex I am living in now was built in 1880, but all plumbing and electrical had been updated in the last decade so those systems are as good as in a new build.