Another tactic is pricing out current materials costs and then trying to assess labor separately where possible.

So, that can potentially limit your buyers when/if you go to sell. 

Maybe steady cash flow is less important to you than the potential for appreciation.

I am currently booked about 2-3 months out with a potential 3-4 months for the studs rehab project in the works.

Try looking into zillow/Redfin and see what your potential rents you can get near the neighborhood by filtering the bedrooms/bathrooms of the intentional property that you are planning to buy.

Looking to potentially sell or 1031 that eventually.

If it's an (A) location you do not need 1.5 years especially to land a franchisee restaurant tenant.When I look at a property I look at the current value, the dark value, and the re-potential value.Lot of commercial developers sell off marginal tenants at market rents.Example me buying a Wal-mart with 10 plus years left at a 7 cap is way different than trampoline or workout place at a 9 cap.On its face the 9 cap may be appealing but then you find out for that box size the crap tenant is paying 1 dollar below what national tenants pay.

I'd start by assessing their performance - compare the actuals to the airdna / bnbcalc projections, assess the ratings and reviews on the listing.

It might be more of a headache than potential. 

Compare the cost he would charge to build for you as a client, and then discuss the potential partnership to determine the cost difference.Next, analyze the selling prices of his townhomes across the street or their expected selling prices.