They were listed as an operating STR with furnishings included and seemed to be based on a multiplier of past revenue.

Matt, this is basically the same as using a gross rent multiplier to calculate value. 

. - Capital stack needs to be clear, with preferred equity (if part of the stack) clearly represented as what it is - second position debt that multiplies leverage on common stock. 

An appraiser will not look at NOI or cap rates, and many residential appraisers may not know what do with those #'s anyway. but they will look at the GRM's (gross rent multipliers). 

I track all of our requests in our markets so that I can come up with a multiplier between LTR and MTR rates.

Then, multiply that number by how many hours per month you're spending on bookkeeping.

Too many mortgages into retirement means your multiplying your risk and headaches for what a tiny cashflow?. 

But if you do,  you have to come in and  multiply quick which is inherently more risky.

I ask because IMO dressers are by far the hardest thing to shop for that checks all the boxes (quality slides, deep drawers, looks nice) without breaking the bank, which multiplied by several bedrooms can really add up. 

Hi Joey, The best advice I can give it to learn the average "Gross Rent Multiplier" for each neighborhood in the area.