This is not even close to accurate for anything I have ever bought.The property I closed on Monday was 200 units for ~19mm with annual NOI for years 1-3 of nearly 1.3mm; 3x NOI = 3.9mm on a 19mm purchase.

In areas that still have low prices even after a 10 year bull market, there's probably a reason properties are still cheap in those areas, but I won't comment on other markets that I don't know enough about specifically to comment on accurately!

@Sean SmithWhile not an accountant himself, @Alvin Sylvain gave you an accurate and well articulated answer. 

@Mike ColsYou should do well on this if your numbers are accurate .

Would anyone be able to help me run the numbers accurately from a buy and hold with hard money, Refi after a year and roll to a conventional loan?

I am asking for guidance or tips to help expedite or find more efficient/accurate results. 

I made several searches and it seems to be somewhat accurate in some areas. 

As far as do's and don'tsDoDo as much as much as you can to learn your marketLearn to accurately comp properties to determine realistic valueLearn to accurately estimate repairs costs.

I would look for markets that already regulate STR rather than gamble on those that don't.

The job is for a property I am putting on the market.I asked them to come to the property so they would know exactly what we wanted to move so they could provide an accurate quote.