We also have many investors that have no interest in being an active investor & rely on this TK approach to easily scale their portfolio over time. 

@Melissa Summerlin, take this with the fact that I am a part-time flipper and only flip when I see a good deal.If I were full-time relying on deal flow to make a living, probably number 2.  

It take a while to analyze that much data and get an income number so be prepared to take a while.All non-qm lenders use some form of an appraisal; some full appraisals and some BPO's but the point is anytime you rely on someone outside your purview to be quick about something, there's a chance for delay. 

I assume you already called the town and confirmed the actual build date as 1972 and you’re not just relying on the appraiser.

The tenant will be relying on their savings, charity, etc. for their loss since they did not purchase renters insurance.   

If all the structures look the same then you are relying on the rents to drive traffic.

Two common metrics to evaluate long term rentals are the cap rate formula (capitalization rate) and cash on cash returns.Stated in math terms:Cap Rate = Net Operating Income / Total Property CostCash on Cash return = Net Cash Flow / Cash InvestedBased on Eriks numbers and your cost mentioned, you're looking at a 5.5% cap rate and a cash on cash return of 11.2% per year.Keep in mind that Cash on Cash figures are risky to rely on because of the potential for changes in the cost of leverage later in the life of the investment.My favorite way to think of annual rates of return in real estate is to take the cap rate + appreciation rate (stay conservative here) - cost of leverage.For example, a property with a cap rate of 10% with 5% annual appreciation and a mortgage with 3% will essentially yield 12% over the long term.

You should not rely on the information, and it may not be accurate, comprehensive, suitable, sufficient, or appropriate.

When analyzing the self-employed income, we must determine the amount of income that can be relied on by you, the Borrower, in qualifying for your personal mortgage obligation.

Finally, there is fraud in the inducement: The seller gave you false material information with the intention that you rely on it.