I think the interesting thing about comps like this is that they’re often being evaluated through two completely different lenses at the same time: investment return vs. housing cost.If you look at this strictly as a rental investment, the numbers you laid out are right — at $600k+ with those rents, it’s very hard to make the deal pencil as a traditional cash-flow property.But duplexes in markets like Dover often trade on a different logic, which is the owner-occupant math.For someone living in one unit, the question isn’t really “does this cash flow?”

One thing I'd add that often gets overlooked before even evaluating deals is taking the time to build your foundation first.A lot of LPs jump straight into looking at deals and get distracted by projected returns or asset classes that sound exciting — but haven't asked themselves the foundational questions: Why am I investing?

I contact realtors for a given state's area I'm evaluating for a note.     

While STR licensing itself does not specifically lay out width requirements in the STR section, Boulder County commonly evaluates: Typical road/access standards used during review such as: Legal Recorded Access , Driveway or road capable od emergency vehicle access, adequate turn around areas, safe ingress/egress to public road, road conditions suitable for year-round access. 

That makes it impossible to see how individual properties are performing.If you can’t see profit and expenses per property, you can’t really evaluate which investments are working.4.

Hey @Richard Knox, appreciate you sharing the details - that helps a lot.If I were evaluating this strictly as a long-term rental, I’d back into the number from rent and financing.

The broker helped guide me through the acquisition process and evaluating the numbers for the project.

What assumptions are you basing your evaluations on for "great set of real estate professionals and skilled tradesmen to create positive relationships."

3) For those who actively evaluate deals, how much time do you currently spend on this kind of pre-offer research?

As an investor, your job is to evaluate risk, confirm income, and make sure the numbers support your return goals before you commit capital.