Entrance cap rate does not have much use becasue your exit is priced based on future NOI and future cap rate.As for CoC, it depends on your leverage but 8-9% starting in second year would be good.

The stairs in question are in an enclosed private entrance. 

So, I kept running my hill loop, but failed to execute my offer.Some time later, I saw work on the main house and two new estate-type homes being built behind a fancy gated entrance road.

Yup, @Jerry W. pretty much said what needs to be done.Before I rent properties out, I seal the properties (make sure there are no entrance holes into the properties).

I am a fan of the way he thinks. he will take an idea and follow the idea path in his head, letting it lead him wherever the idea goes.. its refreshing, similar to the way I like to think. we came up with an interesting foot printthe jut outs are the entrances and the pen lines around the building would be hedges for privacy.  

I helped my friend move into an apartment yesterday and noticed that the landlord had placed painters tape on the edges of all the entrance doors as well as cardboard to save the floors.

Since it is literally divided like a up/down duplex with its separate entrance, I've rented out the top unit (3/2 unit) to a family for $1,875/month.  

Even if you could find/afford something, your only option is to wait for appreciation and sell for a profit because you'll never cash flow.Only the North Entrance (Gardiner, MT) and the North-East entrance are open year round.

This particular property still had some original woodwork in the entrance area that was retained and restored which gives it a nice touch:Screenshots were taken from the inspection videos.Tenants in place, signed the PM papers, and now the waiting game for the checks to roll in :).I'll try and follow-up with some estimated cash flow numbers shortly.

It is a home built in the 1940's and there is an unpermitted room with a separate entrance under the house.