Currently underwriting 35 SFHs being purchased as a portfolio by a PE Firm in order to push rents via ADU developments.

My clients are mainly real estate developers, PE funds and individual investors doing syndications and my core skill is in real estate valuation / due diligence across real estate asset classes. 

I have a registered architect and structural PE on staff.Looking in the small multifamily market currently

Steve,It is true PE and investment groups have been gobbling up the market over the last 10 years- so much of the 'great all TOH parks' are more and more difficult to find. 

I've started, grown & sold 4 companies over the last 15 years (two PE exits).

His reason was the only thing he knew to do with the proceeds was to loan it back out at 12%, and he would be "behind" where he is now in cashflow.His proceeds would have given him options up to and including PE, but he is a simple man and in his case holding was the option for now. 

Strong regional/PE owned tenants.

Typically these encroachments are much more likely to fall under PE than AP...Finally if no one has filed anything for AP or PE yet, then you may have the ability to regain your property right.

We can also walk and lose EM (and the money we've put into inspections and PE consultation.)

Real estate's "gross rent multiplier" is Wall Street's "sales to revenue",  "cap rate" is roughly "P/E ratio".When evaluating markets and investments I tend to start with GRM (or lazily the 1% rule), then attempt to return a cap rate based on assumptions about costs, then I work my way to multiple years of projections (assumptions about inflation, amortization, tax benefits, etc), and if I am partnering with one of my smart friends I have to pull up an IRR (internal rate of return).I also look at regional employment levels, median income to rent ratio in the zip code etc.