I'm trying to find a more mathematical way to predict if this would be a good investment, if you could even call this strategy an investment?

Honestly, I am an employer in the corporate finance space and I look at even a real estate master's degrees as a junk degree (I view MS Finance, MBA, and BS Mathematics as superior degrees if you are pursuing a corporate role). 

sometimes they will call it good debt because that's what is talked about on investing sites. and of course there is the mathematical part of this .. there is no arguing leverage increases yield you cant change math. 

However, I continue to consider leaving on almost a daily basis as I’m driving into the office, purely from a mathematical take home perspective. 1) I really like the people I work with and have a strong support system at the office.

BTW, I actually have a B.A. in Mathematics, so know it quite well, spent a career with math and physical science paying the bills.  

Kind of related to item two, in markets where housing is expensive, it can be mathematically less expensive to rent. 4.

My question is what percentage of what would be considered fair rent would be mathematically incorrect to take no matter how good and stable the tenant. 

Anything can go well 1 time, doesn't change the fact that in the grand scheme of things pocket 2's are the inferior hand & one has a higher mathematical probability of loosing that hand than winning it.

(Looking for a mathematical model I can reference when analyzing deals) 3.)

And that alteration of value moves cap rates, because it must, given that cap rate is simply a mathematical result of dividing the income produced by the property by its value.