Or is there a more effective way?

Is there a simple and effective way to analyze a property, or is calculating the cap rate, 1% rule, 50% rule etc, cash on cash, NOI, all necessary?

@Shayla Fletcher I check all properties at http://maps.lsuagcenter.com/floodmaps/ If the flood hazard areas show in blue, (or sometimes grey on old black/white maps) that is the effective map that is used to determine flood insurance rates and whether or not flood insurance is required by lenders. 

I could have the studio portion of the property (now functioning as the living room/kitchen) maintain its shared entrance with another unit in the property.

Networking and cold calling are the most effective for lead gen.

I do have a couple of recommendations for you though; Ask the listing agent ' Is there anything aside from price that the seller would prefer to have in an offer,' such as Specific closing date, or a lease back so that they may find a replacement property, etc....I have found this to be a very effective way to extract some of the seller motivation.

The rents are well under market value and the building is well maintained.

Here are the numbers, tell me what you think:Purchase price - $399,9996 unit multi-family - gut renovated 3 years agoGross monthly rent roll - $6600 that's with 100% occupancyTaxes - $13648total expenses- 23,208 which includes taxes, maintainence,insurance,sewar/water.  

Multiple marketing messages in one mail piece would increase effectiveness.  

My options REQUIRE my optionee to maintain the house so obligations ARE relieved from my back.