I will typically use NPV when trying to decide between multiple investment opportunities; I will use IRR when trying to determine if a particular investment will surpass a hurdle (a discount rate).Multi-family syndicators have concentrated on IRR for some reason, and because it's the most common way to measure returns on these deals, all syndicators have to focus on this number in order to provide investors an apples-to-apples comparison of the investments.That said, IRR isn't always apples-to-apples -- like @Thomas Greer said above, IRR make the assumption that cash flow will be reinvested at the same IRR, which is rarely accomplished. 

I didn't find MoFin to be very competitive; I'm curious how many different HMLs you've used as your basis for comparison? 

Well, let's assume just to make this comparison fast and easy that points are the only profit the lender makes for a second, that everything else is a cost of doing business and is a wash. 

If this is the only option in your area in comparison to a SFH or MFH, adding some value while your living there and ultimately selling the condo once you move on is likely the best option. 

I'm definitely interested to see what numbers you're working with on your out-of-state, turnkey rentals as a point of comparison.  

I let them know what their house would sell for in comparison to other houses.

With out of state investors we talk to there is no comparison between the markets.

I tried to include a few neighborhoods that I see as prime targets for revitalization and gentrification in the next ten years (as well as some high-end markets for comparison).

The newest Yardi looked a bit behind in features they have been able to implement in comparison to a lot of the new web based management systems.There are some great features, but they do decide to simply implement a change that affects operations.Somehow removing the ability to see tenant contact info from a maintenance technician's role / work orders was their recent idea for an update.  

Hawaii is 10% more expensive however 30% less pay for similar jobs in comparison to other expensive markets like seattle or cali.