Others look just at the income produced by the property.

If the HBU is to have this SFR operating as an office for a light industrial use then you would value it just like any other income producing property.

The gross rents total $1,575 and produce a NOI of $700 per month.

It's a great way to produce income month over month, without being married to a property or an area.

I'm know stranger to producing functions. 

It's the asset itself that produces income. 

The way I do it for my properties was always a COC (cash on cash) version which was always my personal preference and I looked at it sort of like thisFor example:Property A: 25k + 7k to close (25% plus closing cost) Property required 32k to close Property A as an investment/business is now sitting at -32k and Produces 10k/y cash flow.

Your attitude is summed up by Justice Scalia -- "the transformation of charity into legal entitlement has produced donors without love and recipients without gratitude." 

Alliance Wealth Builders, Inc. specializes in helping individual and institutional investors from around the world purchase turnkey, cash producing real estate in the greater Birmingham, Alabama area, and other key markets in the State of Alabama.

My suggestion is pick 2 ways, go at them hard and give them a year to produce consistently before you ditch it for a different method.