No formula can be accurate across the board because even “cookie cutter” properties next store to each other differ as to view, location to the street, topography of the land, lot size, physical condition of the property, past remodeling, quality of the mechanical systems, sunlight, utility bills, past use, etc.  

FYI - most states require a lease to clearly state the owner, any agent of the owner and give a physical address for rent payments.

See, a professional does not just go for eviction, no, you do BOTH actions at once of the financial side, suing for judgement, and than the eviction for physical. 

I realize that once someone creates a letter of intent they can start on the due diligence phase to learn the financials, physical, and legal but what else can I learn about a property before making an offer? 

The benchmark is what people do for pro formas and try to re-write history in the future, it never works that way.I've been deeper than anybody here in physical asset investing, albeit not REI, and it's just not the case that history is relevant.

Never the less, I agree that you need to physically be there and check on your investments. 

It's how it goes in physical asset investing.

The house is needing some repairs, but have not physically looked yet.

I'd break it down into two steps.  1) Move-out & physical damages.  

There is an old joke: you don't have to run faster than the bear, just faster than your friend.There are hundreds of leases signed every week, your apartment needs to be more attractive than 50% of what's out there and it will be rented quickly.So you'll have to do some mystery shopping and (ideally) physically look at your competition.