Hence, I would start with the seller's P&L, normalize income - by adding/deducting and modifying revenues/expenses - to make it more reflective of reality (or your expectation or reality) and then use the income valuation approach. 

Built in 1980's, some deferred maintenance, have not done inspection, I expect surprises--but since it is inhabitable I do not plan to make any value add changes until the bridge loan has been paid off. 

The alternative is a mound system, which you can expect will run 6 figures to install.I have heard stories of parks that make very little money, if any, because the pump truck expenses eats all the profit. 

But looking back, if a 1 child family tells me they are expecting again, I wince a little as I say 'congrats!' 

For turnkey I expect around 8-10 percent, personally.

Now I'm expected to do 5-10 this year alone.

The one thing that I've found is that most markets are unique in the expectations the students have.

I am wondering what the average investor can typically expect for a return when they do their homework.

You should not be expected to go under contract before at least knowing the financials. 

I know of one agent who is expecting quite a few multi-families to be coming on the market in the Temple area shortly.