However, I would caution you not to look ONLY at CAP rates when evaluating a different type of asset such as MF or Storage as there are frequently underperforming parts of the property not quantified in the asking price. 

Others might find that it is being over-played by being quantified ("if you have to prove it, it must not be all that quiet)." 

In all seriousness though, in addition to the data which tells us those with college degrees are more likely to earn more than those without degrees, there is also so much soft value from attending college that can’t be quantified.

I want to get into real estate but the only thing holding my back right now is how to quantify the risk of the area I live in currently.

@TJ Hines I agree that character is everything, but its difficult to quantify.

Hard to quantify, but I went very heavy in investing 2018-2019 after finding BP and gained so much confidence each day by hearing from people who have done this before.  

I have them on most of my Properties and I think it adds value, i just can't quantify it.  

How to quantify, split, pay, value his labor hours?

If it is things that are quantifiable like bed/bath sq. footage etc.

If you keep it you'll likely have to subsidize it along the way but what you gain is experience which is hard to quantify, but valuable.