You can apply the unit mix (% of Studios, 1, 2 and 3 BD) and square footage of existing product and prevailing rents in the immediate market area for this first pass analysis.Doing this drill should also inform you as to the structure the price, terms and conditions of the purchase agreement which should be your very next step before commissioning (and paying for) a feasibility or any other study, which makes little or not sense to conduct on any site that you don't have under meaningful control.

They do not provide meaningful oversight or guidance with respect to tax code compliance.A checkbook IRA LLC is an enhancement on the above structure that is generally more time and cost efficient for investors with a more diverse portfolio.

As a seller's agent, I'd advise the seller to decline the offer or at least to require a meaningful non-refundable deposit.The two common contingencies are home inspection and financing. 

There is also a good bit of meaningful education and consulting that goes into making sure you get the most out of the structure and understand how to remain compliant in your operations.

@Anthony Polcyn, if you're trying to extract equity, there are better ways to go about it.

Of course, if something meaningful is discovered in the due diligence step that will impact the price but in the beginning you don't have much..

In leveraged real estate investment, G/L is the result of:Surplus cash flow if anyPrincipal gain on your mortgageValue-add play/market inefficiency at purchase or afterPrice appreciation/depreciationRent appreciation/depreciation (and raising rents at purchase if applicable)A prospective property should be deemed attractive if under a well constructed model and across a certain time period, it optimizes total income from the above better than other prospective properties.Note the flip side of leveraged cash flow is leveraged CapEx, where a more accurate assessment of the latter may significantly reduce your projected cash flow.Principal gain should be considered in relation to cash flow, it may be an "almost certain" gain in the long run only in strong markets, though still is an unrealized gain and remains unimpactful until the property is sold or the equity is extracted in some way.

This implies an average SFR purchase from 3 years prior would have had to be on the order of at least $500/month negative to not to have cash flow (excluding for a refinance that extracted money).There is a big difference between initial cash flow and actual cash flow. 

The topic at hand is agents that are fully capable of providing services to investors...and most investors need a lot of guidance...99% of the agents in my market (and yours) can't offer guidance to investors...not meaningful guidance anyway. 

There's not enough information here to conduct a meaningful analysis.