Hold the PropertyI didn't run the IRR, so this is just back of napkin, but your average annual gain over a 10 year period if you sold after that would project at ~$15k.  

I personally care less about this almost any other category. that 'rule' is really just a back of the napkin gate to see if a property pencils before deeper analysis.

And then just write it on a napkin or something.

I have heard that about several states and don't know for sure but doubt it I didn't see anything herehttp://www.tenant.net/Other_Areas/Massachusetts/sanicode.htmlThird post mentions a Ma law but nothing to back it up belowhttp://www.dslreports.com/forum/r28995323-How-do-property-management-companies-clean-out-apartments-between-tenants-Under Massachusetts law rental living spaces that have to adhere to 105 Code of Massachusetts Regulations 410.000: State Sanitary Code Chapter II: Minimum Standards of Fitness for Human Habitation.

The condition may include substantial violations of a property that show evidence of: a significant increase to the hazards of fire or accident; inadequate sanitary facilities; vermin infestation; or a condition of disrepair, dilapidation or structural defects such that the cost of rehabilitation and repair would exceed one-half of the agreed-upon purchase price of the property.”ESCROWS AND BONDS PROHIBITED: A municipality may not require the escrowing of funds or posting of a bond, or impose any similar financial security as a condition of issuing a certificate.

Of course, you can use a napkin to get a slice-of-life picture of how it's performing today.

They will not accept things such as paper diapers, sanitary napkins, tampons, children’s toys, wads of toilet paper, balls of hair, grease, oil, table scraps, clothing, rags, sand, dirt, rocks, or newspapers.

We inspect often to maintain their rental in a safe, sanitary, and secure status.

If that is the case and your goal is to sell the POHs to existing or future residents, then the quick back of the napkin valuation would look like this:20 x $330 x12 = $79,200 (that is your gross pad rent for a year) minus 45% for expenses (you might be able to run it for less, but for the sake of quick valuation) would give you NOI of $43,560. 

However, there is a basic "back of the napkin" evaluation that will usually tell you if the deal is worth a closer look.