Bartosz, I like how you analyze the macro factors. 

Fourth, the cap rate is mathematically factored into the subject's calculated NOI and an opinion of value is developed based on that formula. 

I've spoke with one lender and he says they do factor in 75% of rental income but it would need to be a long term rental with a lease agreement. 

In many ways it can be easier to raise the funds because many of the unknown factors that are discovered when first taking over an asset are now known.

The repairs budget $39.00/month may help make up for that but you'll want to factor in for turnover too (carpet, paint, misc minor repairs etc).

@James Heacock Here are the key things to look for in a turn key company and what to avoid.If you're going to go the turn key route, in general, the ones to avoid are the ones that: Don't allow financing or a finance contingency (it can be a good indication they are selling above market value)Don't allow for your own independent property inspectionAre not realistic with their pro forma's (i.e. they don't include vacancy or maintenance projections or use unrealistically low vacancy factors)Require you to pay for any renovation upfrontSell only in cheap. low end neighborhoodsDon't accurately represent the neighborhood/property classificationDon't have consistent rehab standards for all propertiesDon't provide a scope of work for the propertyCan't provide references of repeat investorsRequire you to close before a tenant is in place

Their debt to income ratio is 54%, factoring in monthly rent.

If the rent barley covers the mortgage, then you technically are loosing money when you factor in insurance/taxes/ repairs & maintenance.

The number of bedrooms is the biggest factor.

Request from the seller their Profit & Loss Statement from the last 12 months and the rent roll.Then, you can see the current income/expenses to know what current profit it makes.Then, you need to look at what the cap rates are in the area based on comp propertiesOnce you find that out, Take the profit/net operating income and divide it by the cap rate.So say it makes $20,000 profit and the cap rates in the area are 6%$20,000 / 6%  = $333k (value of building and your offer price)There are a few more factors but that should provide you with enough info on how to find the value of the building