Be sure you verify and use your own numbers for projected soft costs like vacancy and maintenance. 

In my opinion, that will be significant, having two major names (soft-branded) ocean front hotels.  

1979 NACU 2bd mobile home.I basically have one concern ~ there is a open pipe on the roof, perhaps once used as plumbing vent (we are unsure where they've been rerouted).There was a nest inside, I poked and prodded, no softness, no mold or mildew within field of view.I'm just somewhat worried, it seems this pipe has been this way for a very long time, it crumbles to the touch.

Figure out their land basis, subtract it and that'll give you a figure for soft costs, hard costs and development fees.

@Ben MMix some bleach and baking soda to create a paste and apply to the moldy areas with a cheap paint brush.

I still think someone can play the low end in this city, unless the rental market is soft.   

I've heard of guys getting up there with a brush and a bleach solution, but it's usually for something like a patch of moss.

Typically, property value add of site control comes AFTER the site is fully entitled for the new development and someone has to funds soft costs--preliminary design architecture fees, design fees, legal fees, potential contractor consultation (to get #s). 

'soft pulls' which don't actually ding you are OK.Keep your utilization low.

I see lots and lots of self managers be soft and waive it and then it becomes a habit on both tenant and landlord side.