Real estate is an actively managed asset class and one invests privately to generate excess returns above the benchmark.

What this means is that the investor is down 20% on day one.Real estate is an actively managed asset class and one invests privately to generate excess returns above the benchmark.

Personally on my two long term buy and holds, I have a $300/door bench mark that I was aiming for.

If the figure arrived at is say, 10% "Capitalization Rate", which you might have set as your initial benchmark, THEN you would hone in on the SPECIFIC (Non-Pro-Forma) details about the property to see if that Cap Rate is justified by the current financials and building condition, and whether it's still a "deal" when LOAN repayments are added to the expenses side(?)

Consider inspections and ask for the tenant screening information.Some new investors will work with a seasoned investor to fund some or all of a project, and then learn on these projects about financial benchmarks, risk, rehab processes & scheduling, material selections, finding and selecting contractors, and marketing.  

I think these investors think a certain number of properties is the method, in order to get to a desired cashflow or other financial metric, but they are doing themselves a disservice but not clearly articulating the desired financial metric first, and then later setting out the number of deals with minimum benchmarks as the potential method to get there.

It provides a benchmark for the value of the units based upon the cash flow it creates and everyone understands cash in America.The rough estimate is the GSI * 10 = FMV. 

You can still finish it with your 45K bench mark as long as you find the right crew, and contractors.

What are key ratios benchmarks (debt to equity etc) for analyzing offerings?

There's a handful of us going:https://www.biggerpockets.com/forums/521/topics/760204-bp-nashville-conf-nfl-sunday-watch-party-benchmark-bar-and-grill