In general  cap rates aren't that relevant evaluating residential assets other than for yourself.The important thing to me with houses is equity capture in my expensive market.

I've worked with an investment company as a Financial Manager evaluating deals in the IE but mostly in the LA area.

@Erik W Erik, So the primary way of evaluation used by lenders on a 5 or 10 unit property is comparables, like on a single family, and not the net operating income?

And, you have to have or know of a good Contractor or evaluator that can tell you what they think of the roof, or other items that need work. 

Only difference is how you evaluate it and how you do your due diligence.

You will need to negotiate any added value for improvements.Using the CASH program may help you fill vacant lots - they will need to evaluate the park and your ability to personally guarantee such a large number of homes.You need to run a test advertisement to get a handle on demand for homes.  

Best advice is to stop looking for something that doesn't exist and re-evaluate your plans. 

Third, you'll need to start learning what you'll need to do when a unit becomes vacant: evaluate damages to cahrge against SD, lining up handyman to do repairs, taking pics, writing an ad, where to advertise, taking calls for showings, how will you do showings (?)

Have evaluated several others and this is the most robust.

The group is fairly active and we cover all types of topics like what markets we're investing in and how to accurately evaluate properties, etc.