I don't use CoC when analyzing properties, but instead look at cap rates, but they are quite similar numbers.The issue with McCall is the homes are very expensive and there are two huge shoulder seasons with very low occupancy. 

Own properties and partner of a PMC.Started out doing everything myself, but soon realized that growth would be capped without delegation.So, started a PMC to handle management and focus on big picture issues.Most property owners fail to understand that EVERY company has efficiency/waste issues and the bigger the company the more waste there typically is.

If it's vacant you'd be capped at 65% LTV. 

 $3,930,000.00 with a 5.75% cap rate.  

If I was out there I would totally be doing this.I think if you did it right by getting easements on the property owners land and perhaps other ways to long term secure the deals, eventually you might be able to sell the cashflow streams off at a cap rate.

I've found if you're just getting started, surveying the market and their associated CAP rates with public listings via brokers is not a bad start.

I'm actually in the exact same boat as I'm looking at 5+ units in the Bay Area and still in the early stages.Regarding it being too simple - I think this perspective is a great one on the forced appreciation model within a seller's market: Trust that there are others who are trying to do exactly what you are, and that gets factored into people bidding up the purchase price and the compressed cap rates.

Realize cap expense items are very costly.  

With a condo, you will have little cap ex, and other maintenance issues, as that will often be covered by an HOA. 

Previous owner paid some of utilities for tenants up to a cap so they definitely ran it up.