This is probably a question that is rhetorical -- I know the answer but I'm still fishing for a different way to state the obvious.   

For Multi-Family rental properties, sites like http://loopnet.com tend to offer a CAP Rate approach to property valuation.  Commercial Bankers, however, tend to prefer a P&L approach, or even a P/E Ratio analysis.  And, they assert some %'s for maintenance and vacancy factors that aren't even tied to the property's actual history.  I'd like to find more on what commercial bankers are looking for in order to underwrite a 1st mortgage. 

In the old days, a Gross Rent Multiplier was a decent benchmark for some investors, albeit a rather gross measurement.  Those were the very old days.  Today's more sophisticated investors tend to look at Cash on Cash ROI and CAP Rates. 

But are some of my fellow REALTORS quoting per/unit Proformas, as well as entire project proformas?  Are things any different for Real Estate in Des Moines, Iowa than in other parts of the country? 

I read somewhere recently that for the midwest, a 7-8% CAP Rate with a 3 to 6% Cash on Cash return were good benchmarks to examine the merits of RE investment in multi-families properties.  I personally like to add the P/E ratio, the inverse of the CAP Rate, but the best measure I've found is the 7-year expected FMRR - Financial Management Rate of Return.  I learned this technique for CRS-204 -- a great class with a great spreadsheet handout afterwards.  I've tweaked this 5-page analysis tool a bit, but this is a great analysis tool. 

I have used REAP - Dolf de Roos's IRR calculation tools, but is IRR really all that good of a measurement compared to simple CAP rates and the FMRR?  

Are others here finding success with other measurement tools?   If so, how so?   What I'm looking for are good benchmark measurement tools to help in the analysis phase for Real Estate investments.   Is the per unit proforma the way to go?