It's paramount importance to use one because when you do, it forces one to identify your metrics for a buy AND a correct one identifies your MAO (Maximum Allowable Offer).     

Basically agree with @Scott M.What you could have done is negotiate performance incentives in the contract with them upfront.Typical performance metrics: Ave Rent AmountsRent CollectionsVacancyBe careful with Maintenance as too easy for incentives to tempt PMC to HIDE maintenance issues!

It's not a residential, office, or retail building, for which rent/sf and various metrics apply.

Current portfolio metrics :10 Properties15 Units17.15% Un-levered ROI average per home56% Average equity increase per rehabThis is a hybrid kind of portfolio.

Rent is currently $595, but of course the metric in using to calculate a return is using a simple COC and I had as little of my own cash in the deal as possible.

This 1 metric alone will help guide many in finding potentials, look at reproduction cost's than market price properties are trading at.

More specifically and in short, I have begun data-basing and analyzing metrics for areas around the US with what I believe to be stable rental markets for buy and hold investments.As such, I would also be very interested to discuss this strategy from others in highly competitive markets.I look forward to being a more active member in the BP community and have found the resources here to be second to none!

Its my idea a newbie should study as hard if not harder at how he is going to manage a property as he does at the metrics that go into buying that property. 

I am looking to grow my portfolio but having trouble wrapping my head around the metrics of making the cash flow work in the Denver or even Front Range, Colorado Markets.  

They should at least be able to create a simple personal finance statement and know how to calculate metrics like return on equity, debt to equity, and identify dead equity within a balance sheet.