You could, but that's not an accurate measure of valuation for a host of reason, first being that CAP Rate is a measure of risk for a stabilized asset.

In either case, it sounds like they're dodging the work that really needs to be done, with regular band aid fixes. 

Just regular bank How did you add value to the deal?

Hard to see the downside to this if the numbers work with the current income, assuming it's consistent and not depending on the same families coming year in and out due to the relationship with the host.

The reason being that it lowers your total OpEx and to show an inflated NOI and thus an inflated valuation to the market.It's relativity easy to identify and the easiest way to factor it into your own underwriting is to understand how much it will cost you or your PM to do turns/regular maintenance.

Another good reason to do regular property inspections. 

Here’s what vacation rental hosts can expect to earn across the holiday season in Orlando.ADRThe first metric many hosts use to gauge the profitability of a market is ADR (average daily rate).

They have regular meet ups.

I host this one and it is typically about an hour of "Grab a beer and network", an hour of "house hacking" information, and then "networking" thereafter. 

I’m surprised more people don’t do this regularly, especially if it a good deal.