Higher returns (over 8% caps) ...This is simply not accurate. 

When looking at a possible property to invest in, sometime the pro-forma provided doesn't show accurate information.

We take the time to fill them out as accurately as possible so we pretty much know what we are spending.

If I had an accurate picture of the sellers actual expenses, the NOI would be higher, as I know they weren't spending much on it, but they couldn't have been making much profit, so the cap rate would still be really low.  

$800 month for costs is not going to be accurate especially since the HOA fees are going to be floating at 23% of cost.  

@Gregory DavisI've never used them but Accurate is one of the biggest foundation companies in the area.

Any perspective on which end high or low is more accurate?

@Jason Jones  If your calculation is accurate, you would lose $35k in taxes and penalty just by withdrawing from your 401k, before you make any money from the investment.

The challenge we are facing is that the normal starting point of an accurate ARV to calculate MAO is really in question. 

Correct, I use real estate agents for rough numbers as they are less expensive, obviously not as accurate but good enough for his purposes..