Nothing wrong with that assumption.

This is very useful to dig in beyond the assumptions in the PPM.

(you will have to adjust the cap rate for the market)Now, let's make some more quick assumption to see what it will cost to get there.  150k capital improvement budget if you budget 10-15k each to renovate the 8 vacant POHs, and an additional $50k to address the infrastructure, roads, pedestals, landscaping, signage, etc. 

Again, others might feel differently here.3) property level due diligence: (takes seconds to weeks per deal): here is where I drill in with the low-level details.a) pro forma popping: I examine all the assumptions, and see if they are overoptimistic or not.

In addition to the multitude of other issues, you are also making the (terrible) assumption that you will not need to put any money into the property the whole time you own it.

If you are buying a property, then the baseline assumption for any appraiser (and most people) is that the market value is what you paid for it. 

Here are some relatively safe assumptions: #1 is location.

Am I wrong in my assumptions.

Pick whatever fits your investing goals, but think critically about itAdjust your assumptions as you get more information.

Get more information before you make too many assumptions.