The seller will have to put trust in you and you will need to have confidence in yourself that you can perform.

If its crucial work I imagine you could find a hungry GC that will perform essential work.

They still impact the performance of the property.

This is because of the next language from USPAP, the Uniform Standards of the Professional Appraisal Practice, which all licensed appraisers performing mortgage appraisals must follow:Standards Rule 1-5When the value opinion to be developed is market value, an appraiser must, if such information is available tothe appraiser in the normal course of business:(a) analyze all agreements of sale, options, and listings of the subject property current as of the effectivedate of the appraisal; and(b) analyze all sales of the subject property that occurred within the three (3) years prior to the effective dateof the appraisal.Comment: See the Comments to Standards Rules 2-2(a)(viii) and 2-2(b)(viii) for corresponding reportingrequirements relating to the availability and relevance of information.USPAP requires the appraiser to "analyze" any current agreement of sale (a pending WB-11 for instance) during the development of the valuation (called the Appraisal in USPAP, different from the Appraisal Report).

Great at selling outlandish advice books, coming up with off the wall predictions that work as much as tossing a coin, and charging egregious fees on funds that have to be delisted due to consistent under-performance.

If you can get this property to perform at a 6 cap and you are in a B-A hood, then probably good, if you are in a C-D, then I think you are asking for a lot more headache than it's worth.

@Ray TroundayWhen I plug this into my performing note calculator spreadsheet, I get an IRR of 21.4% which is close to the yield you calculate above. 

Get some STR reports to see how the markets have done and are projected to perform.

All that counts is the price and financial performance.

in my Pet Addendum: "Tenant will perform regular housekeeping duties, including sweeping and vacuuming, clean up all waste, and assume all responsibility and cost for any damages, cleaning, replacements or any other expense to the property that are a result of the animal."