In more Rural markets it is not unusual to be between $20,000-$40,000 per space, with a CAP closer to 10%.My point of this is to show the disparity of on and off-market communities and when you get to a certain size then you start seeing Institutional money.

If the lease is up (or coming up for renewal) and you've given them proper notice and are following the local rules (eg if there is a cap on rent increases); tell them they are free to give 30 days' notice and find another place.

At end of year, they true up.What I would be negotiating is both a lower monthly CAM (why give landlord an interest free loan) AND a cap on what you will pay in any given year or for what.  

In rural markets without comps they can still get down to an NOI and come up with a Cap to determine value. 

An average gastroenterologist earns 400,000 a year and that likely remains a cap as one can only shove so many camera per appointment and have only so many appointments per day/per 52 weeks. 

A 4 plex  is for sale with a cap of 6%.

This will be location dependent -- in some areas, there is a cap on the number of non-related people who can share a house. 

Well, how about if a prospective tenant shows up wearing sunglasses at night and a cap with a big marijuana leaf printed on the front and all over the sides? 

@Jesse Imes echoing what other have said here, the value is going to be based off of sales comps rather than a cap rate on the potential income.

With the new STR laws in Chelan County putting lots of restrictions on STR owners, occupancy limits, and a cap on the number of STRs in certain areas it is very difficult to get into the STR market here right now.