We also make notes on the  condition of flooring, doors, cupboards fixtures, etc .... and if, possible take a few pictures.Essentially, you bench mark the state of the property now for future reference.

The guys from Benchmark insuance are good guys and always give our clients good rates.

This place will be a bench mark for your second place.Good luck and keep us posted about your new adventure

If people would pay more attention to markets and less to artificial benchmark numbers.  

Fill in as many blanks as possible to arrive at your labor number (how many hours worked by how many people of what skill level, etc) - benchmark off those already successful.

You want to upgrade your units to be able to charge that price and that is your bench mark: $700*100=$70K/mo gross potential rent.So, your immediate economic vacancy is $70K-$57K = $13K/mo or 18.5%Now you take your new gross potential rent and subtract physical vacancy of 10% (long term assumption), 2% for collection losses, 2% for bad debt, 1% for non-revenue units and concessions.

I wanted to use this property as a benchmark to better understand what I should be looking both financially as well as property-wise. 

The banks must not be convinced either, or the rate differential between the benchmark 5-yr fixed and the 10-yr fixed offerings would be greater.I am one of those who subscribes to analysis which demonstrates variable rate mortgages always win out in the long term (even back in the 1980s when it was painful).  

Also, depending on the tax bracket and age of the seller it might be worth exploring the option of the 400,000 being paid  as a consultant days during certain revenue benchmarks  or occupancy benchmarks bench marks being met.

I got paid and made enough money on that deal to pay for my entire training, and Todd will tell you that is his goal and should be the benchmark of any training - it should at least pay for itself.