there is a risk associated with bad neighborhoods that cannot be quantified on an excel spreadsheet.  

So you’re right as far as quantifying other visions of success.

Quantifying future yield curve changes is not truly asset specific, and while it might be useful to consider on every deal, and in a handful of scenarios looking at refinance risks/timing or exit risks/timing, more or less is a waste of time on an individual deal basis.

I would walk through as many potential rehab properties as possible and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.Even if you have no shot in h*ll at getting a property, it's still worth the time to practice creating an estimate of repairs for the property.The more you practice estimating costs on potential rehabs the more you will learn how much things costs, which will make you a faster, better estimator.  

The damage it left on the trim and one of the doors is easy to quantify.

.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.

This will help you to quantify failures or risk management along with the Cash flow side, to evaluate the deal.

Because I'm not sure how to quantify the work I have done thus far.

(which I know is corny) But Dave has said a million times to callers with similar circumstances that the one thing you are not quantifying is risk.

May be I should...I mean, if you empty out a trash cart to sort the content for 30 minutes how would you quantify that "cost"?