The COCR is not necessarily a valuation metric, but it does help gain an understanding of how the property performs from a cash-flow perspective. 

Mini Lot Development - I'm still learning about this, but it seems possible to subdivide lots into smaller than normal parcels and build multiple homes on those smaller lots.

Does this mean if own a property with multiple units can I be excempt of the whole building?

The cost allocated overhead is divided based on number of units across multiple properties and added in.

thanks guys for all the different perspective, I would definitely take it all into consideration. 

NOBODY doubts that you are clearing $800-to $1,000 per month and I will say that having been to Hawaii multiple times I know it is much prettier to live there then probably anywhere in the U.S.....and that includes the SF Bay Area where i live now. 

Just remember it's a forum primarily for real estate investors, so most of the responses you'll get are from the perspective of people who prefer real estate as their investment vehicle.

One of the strategies our clients use when they don't need the income right away and are in a position to buy multiple properties is to use alllll the cash flow to pay off each loan in turn, resulting in free and clear properties much more quickly and less total interest paid.

@Storm Silva I guess the other perspective is that while ROI/IRR is important, so is profit in total dollars. 

Try to look at it from his perspective.