The ROI/IRR is the total return of your investment accounting for time, cash flow, entry price and every other factor.cap rate and COC are apples and oranges.The reason people use cap rate sometimes is because it is a characteristic of the property itself because there is no leverage or other factors.

It seems most people refer to the NOI as an apple-to-apple comparison model so that is what I was using.  

The best brands don't even need to use their names anymore for people to recognize their branding (think apple, google, domino's, nike, etc.)

Apple is taking their new campus over the top, too.

It's apples and oranges to compare the two.

So in my opinion, it is not an apples to apples comparison.

Is it in Apple Valley?

I've had a few bad apples.

That would be at a 1.4% ratio.Assuming 100% financing for apples to apples, your NOI based on 50% expense ratio leaves you $700 and the loan payment based on 4% is $477.42, leaving you $222.58 monthly cash flow.

.$350 might be a little on the low end so depending on the house type (built in 90's yes, built in 50's no), the equity capture, etc, I might pass on $350 or I might say yes to $350.But I just think that a buy and hold investor needs to be most concerned with cash flow and this should give you a solid way to compare apples to apples.Here's one example of a deal I just closed on two months ago that isn't really a great house but it is a great cash flow house.3/2 ,1450 sq ft but a much older home (50's).