As for your DSCR and Cap rate, again, I would argue technically, they are not calculated in, but often banks will include some form of recurring capex reserve contribution into their DSCR calculation.So, should you consider these items in the evaluation of an asset, YES!  

@Blair Bennett You need to calculate your Return On Equity ((Cash Flow + Principle Paydown + Projected Appreciation)/Equity).

@Michelle P Stafford, Any type of calculation of rent that includes a consideration of what principle they would have paid if they bought it, or corresponds to a payment amount of a loan could be considered an equitable interest in the real estate. 

That trend stopped after the 70's but manufactured housing was a major contributor towards creating stable affordable housing.If we want to tackle our housing shortage we need to get serious about it.Here is a quick summary of the HUD changes: HUD Actions for Manufactured Homes and Communities:HUD announces a comprehensive set of actions to increase availability and affordability of manufactured homes.These actions are part of the Biden-Harris Administration's Housing Supply Action Plan.Manufactured housing is a key component in the strategy to boost housing supply and reduce costs.Preservation and Reinvestment Initiative for Community Enhancement (PRICE) Program:HUD launches the PRICE Program, a $225 million competitive grant opportunity.The program aims to preserve and revitalize manufactured housing and communities.Funding supports repairs, rehabilitation, replacement of units, infrastructure upgrades, and community resilience.Available to states, local jurisdictions, tribes, nonprofits, community development finance institutions, and other eligible entities.FHA Draft Policy for Manufactured Home Communities:FHA posts a draft policy to solicit public feedback.The policy aims to promote stability and affordability for individuals and families in existing manufactured home communities.Allows resident-owned cooperatives and mission-oriented borrowers to access FHA-insured financing for purchasing or refinancing.Updates to FHA's Title I Manufactured Home Loan Program:HUD announces updates to FHA's Title I Manufactured Home Loan Program.New methodologies for calculating loan limits to align with current market pricing.Expects the new loan limits to incentivize more lenders to participate and expand program usage by buyers of manufactured housing.Annual Recalculation of Title I Loan Program Limits:FHA will recalculate Title I loan limits annually to keep pace with home price changes over time.This ensures that the loan limits remain aligned with market conditions.Ginnie Mae's Title I Loan Securitization Program:Ginnie Mae takes steps to reinvigorate its Title I Loan Securitization program.Revisions to financial eligibility requirements for Title I Issuers to reduce barriers and increase lender participation.HUD's Ongoing Support for Manufactured Housing:These actions build on HUD's continuous efforts to support manufactured housing.Earlier actions include a proposed rule for the Community Development Block Grant (CDBG) program emphasizing the needs of manufactured housing communities.Recent Updates to CDBG Notice:HUD updated the CDBG in Support of Housing Activities notice to allow the use of funds for acquisition of manufactured housing units, services to homeowners, and investments in infrastructure and resilience for manufactured housing communities.

I recently created this one to calculate cap rate and cash on cash return for STRs:http://theshorttermshop.com/cash-flow-calculator/

With no disrespect intended to BP, most of the folks I run into who use the various calculators provided here have NO real understanding of how to analyze an actual deal.Much in the way one can't become a Jedi without building a lightsaber, you won't become a confident and complete real estate investor until you can build your own analysis spreadsheet.

You can calculate the difference between a 1-bed and 2-bed STR on AirDnD...then ask yourself what feels light? 

Quote from @Michael Plaks: Your math is off, it's much more complicated then that, but the idea described can basically accomplish what you want.Here's how I came up with it:*Assumed sale happens in 2027*Assume 2018 tax changes are NOT extended*Adjust all brackets from 2017 to 2027 using IRS inflation from 2017-2024 and 2% thereafterNumbers are a little different as I posted some rough calculations.  

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

If this is a purely investment property and you don’t live or rent it out during construction then the carry costs will be part of your short term capital gain calculation.