California with both its terrain and rainfall can easily increase their water storage by a factor of 10.  

As Jay and Jamie have stated above, a minimum of 6 different factors play into the pricing, but it is not an all or none issue. 

You'd be surprised, sometimes there are buyers who just want to own a piece of land, even if it's not the most desirable and of course price is a factor.

This lack of response was a major factor in my decision to seek legal assistance.

I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).

Does price per square ft factor or is it just ARV.

Of course you can manage for this and set aside funds however I suspect the risk and loss factor was/is far greater than the sponsor realized when they go in for this noble pursuit of helping homeowners save their homes..

Without factoring in tax benefits and principal pay down, you're $1800 ahead of the game by house hacking.

Labor/material are going to be different and need to factor that in4) new roof, new HVAC, new water heater, ac panel, replacing plumbing to PVCThese are very variable, if you are getting this from a licensed guy to do it and unlicensed.. is it a big shop or a local shop doing it, is the GC doing it they will put some money on the top so it will be more money5) framing (creating new bedrooms or baths)I would get all these quoted from a good couple of licensed guys and unlicensed to know your numbers to cents

Every nation's 10-30 yr treasury bonds are a reflection of only two factors.