How would you interpret this as a number of occupants?

It’s probably as liberal an interpretation as anywhere.

If anyone interprets differently, please let me know! 

Everyone may interpret it differently.

I then told her that all these repairs are subjective matter and it can be left to an interpretation what looks good and what doesn't. 

. - My interpretation of cash flow is simply the mortgage payment minus expenses. - Her model incorporates the tax benefits associated with the investment property (mortgage interest, depreciation deduction etc. ) and also adds an appreciation assumption. 

Judging areas based how others interpret the shading on a map and then investing your money there sounds like a recipe for disaster.Remote investing can work, but there is no substitute for visiting the area in my opinion.

Nothing should be left to interpretation or personal decision.

Found at irs.govI promise what I wrote will be easier to read than what the IRS writes, but in the end the IRS is what matters.And for full disclosure, what I wrote is simply my interpretation of what the IRS wrote, I am not a CPA, just a guy who can read and interpret so...be warned - lol - I fully reserve the right to be wrong, and when you start reading what the IRS writes and how they write it, will understand why I just said that!!!!!!!!!!!!!!

.,  I interpreted the NOI on the rental property analysis as what I am bringing home after all expected/estimated expenses on an annual basis (which include putting money aside in a rainy day fund) since my lease terms are 1 year.