@Matthew Schroeder  See it really doesn't make ANY difference if you calculate the NOI correctly or incorrectly because if you use the cap rate incorrectly you still end up with a USELESS number in both calculations.  

"another party is going to do the property managment"   you say but that is incorrect.  

Therefore, I would complete the due diligence that most do incorrectly (or don't do at all), including: 1. 

You can make sure there isn't any incorrect information on the report that could be negatively effecting your score. 

Again, this may all be incorrect, but is what I have heard from a couple sources now.

Be wary of financials that have incorrect property taxes, no vacancy expense or reserve expense, and low expenses in general as that pushes the yield on the property much higher than in reality.

I could be incorrect on that detail though. 

It does NOT include Capex which is another reason why it is incorrect  to  extimate NOI by incorrectly using the 50% guess.  

She has had the properties for 15 years so all the info I'm seeing is incorrect.

That is incorrect.