If you read a LOT of my past posts, I basically go through several scenarios like the above and explain how to build Excel business models with 10 year pro-forma IRR calculations.

It can work good, but many properties don't fit well with the model. 

Different people in different markets with different business models may factor this heavier.

As the business models are different, those fees might be charged from investors, Sponsors or even both.Typical fees might include fundraising fees, management fees, performance-related fees and transaction-based fees.RealtyMogul and Fundrise earn profits by charging fees on the investments they offer.For example, Fundrise charges a 0.85% annual asset management fee for eREIT and eFunds, and a 0.15% annual investment advisory fee for their investment services.

I tried to explain that their business model wouldn't work very well if they told their customers that the place is ghost free - tough to sell the follow up full cleanse on non-haunted places.

But first you must know your business model.

Your biggest challenge is not class, it's size.  18 units is too small for onsite management and a different business model than SFR management companies have (no apartment vendors, slow unit turns, retail pricing on maintenance). 

@Greg Dickerson is correct, or KP position, but also as an LP be careful not to promote yourself as the owner of ### units

It's a model that allows an investor to keep growing their real estate portfolio without having to continue spending on high quality protection.

Commercial properties typically need a refresh every 10+ years anyway.If rates are rising, it's typically due to a strong economy, which is typically accompanied by rising rents.And the captain obvious comment...modeled results should be stressed tested for changes in rents, occupancy, and interest rates.