On another G.R. house, I have used a program through the city "Get the Lead Out", a somewhat more popular program for some time here. 

Value the house on it's own with comps and then run the CAP on the park for it's value. 

The price is posted, and it's the same with almost every other business.I would go online and do a rent comp analysis on what current market rents for your type unit are getting, and if you're afraid of losing them, then you can give them a discount.If a tenant has a larger space, more amenities, a parking space, then you can add additional rent.

@Michael Baum so a doorbell is not necessary on an STR?  

I purchased it two years ago for $700k and have about $600k left on the loan. 

I have my eye on a cute little two bedroom to rehab for my mother in law.

It really depends on how quickly you think you can pay back the loan.

He was overwhelmed at first with all the "insider" stuff: the 1031 exchanges, cash-on-cash returns, and figuring out what an ideal cap rate is, especially in a hot market like Dallas.

Purchase price: $390,000 Cash invested: $120,000 I purchased a four-plex for $390,000 where each unit was originally rented at $400 per month on a month-to-month basis.

If so, what were your initial investment, return, and overall thoughts on the experience?