When I'm calculating to determine if I want a property, my "quick and dirty" is to take the rent, multiply by 0.70, subtract PITI, and that's what I consider cash flow. 

If this were a simple fix-and-flip, you'd calculate Max Offer by multiplying ARV by 70% to get $140K.

The way I see it, the two ways to make it work are:1) short term hold (flip) - you build the storage units, get them rented and through that increase your NOI which in turn uses the MF multiplier to increase dramatically the value of the property.

If I multiply it by the square footage of my 2550 subject property that gives me an ARV of $283,000. 

From past multifamily I've looked at in California investors typically put weight to the gross rent multiplier and cap rate, as long as the fundamentals make sense.

Gross rent multiplier 7.8. 

If you're a passive investor and don't care to have free capital to work with, leverage and multiply, I would argue the 1031 exchange product is just fine.

Although the net income earned from a property will vary with each owners specific circumstance, you want to multiply property's net income by 59.01 to have an idea what the price range should/could be in.Obviously this is only as correct as the market signal is and assuming that investors are acting "rationally" when buying and selling at current prices.

On-site Maintenance.Unit breakdown:16 - 1 bed/ 1 bath --- $600 month a year lease, $650 month w/6 month lease and $700 month72 - 2 bed / 2 bath --- $700 month a year lease, $750 month w/6 month lease and $800 month16 - 3 bed / 2 bath --- $800 month a year lease, $850 month w/6 month lease and $900 monthDeposit same as lease and Pets have $500 deposit for 1st and $250 for 2nd with 2 limit max and 30lb maxNumbers breakdown that are provided (assuming not actual number) Acquisition Costs Purchase Price, Points and Closing Costs $8,944,500Investment - Cash $1,824,500First Loan $7,120,000 Investment Information Purchase Price $8,900,000Price per Unit $85,577Income per Unit $8,618Expenses per Unit ($2,229) Income, Expenses & Cash Flow Gross Scheduled Income $896,255Total Vacancy and Credits ($8,736)Operating Expenses ($231,861)Net Operating Income $655,658Debt Service ($529,074)Cash Flow Before Taxes $126,584 Financial Indicators Cash on Cash Return Before Taxes 6.94%Debt Coverage Ratio 1.24Capitalization Rate 7.37%Gross Rent Multiplier 9.93Operating Expense Ratio 26.12% ANNUALIZED INCOME Description                                               Actual               Market Gross Potential Rent                              $873,600         $873,600 Less: Vacancy                                         ($8,736)              $0Misc.

For FHA it is currently always 0.85%.For conventional, it can be as low as 0.41% and as high as 1.5%.Multiply the monthly dollar amount you are quoted by 12 and divide by loan amount to back into what your mortgage insurance effective interest rate is, assuming you are working with one of the 95% of loan officers that will refuse to ever outright tell you this number directly.