If my ultimate goal was to trick people into thinking I was something I'm not, why would I tag everyone and give them the full conclusion after it was all over with. 

But in any event I think that you arrive at the same conclusion. without getting too crazy on the financing, if you put $30k down on a purchase price of $120k, with 5% financing at 25 years, your cash on cash would be about 9% (don't forget about $2k for closing costs and something for repairs - there are always repairs). 

My conclusion over the years though has been that those hoops are more a hindrance of perception rather than reality.  

If you are this guy or gal, get in contact with me.In conclusion, I must warn you that I know just enough to be dangerous.

Use "The Learning Loop"Learn and Practice one new skill, e.g. deal analysis.Have someone else review your analysis and see if they come to the same conclusion, or have recommendations to adjust your calculus.Take time to review your analysis process. 

I usually end up coming to the conclusion it is not worth the extra work to track it and bill back the tenants each month.

@Jon S.Not that it changes an particular conclusions, but it does remind me of this article from NREI that came out today: Good Property Managers Can Prosper Whatever the Cycle.Not too surprisingly, good management is what is typically lacking on the institutional side.

Unless a bona-fide income source is willing to guarantee payment through the term on the lease, and guarantee payment for any damages caused by the tenant - their agreements with the tenant are irrelevant to me, and I'm forced to make my own conclusions about the risk of that income source terminating or damage caused by the tenant's negligence.Furthermore, I think that income source (in many but not all cases) is a fairly good proxy for the care rental property in their possession will receive.

Did you come to any conclusion regarding the validity of Stuart Enterprises?

I suspect the map/data is a bit too broad and unfocused for it to be very helpful in drawing any conclusions.