I may be overthinking this case study but any insight would be really helpful.
Hi all, 

I am a CRE professional with a background in institutional brokerage and development. Areas of expertise are retail, office, and industrial. I am currently interviewing with a CRE startup who, essentially, is a single-family rental REIT. They sent me a case study to conduct a market analysis and a financial analysis on a potential SFR investment.

I was instructed to perform a real estate analysis on a new potential target market and they provided me with basic portfolio metrics such as net yield, LTV on the portfolio, management fees, and distribution targets. That's all the information they provided. I am assuming they want to see how a given market can increase their net yield. But I feel like they aren't providing enough information for me to run a proper analysis. 

What do I do? Is there a way to back into some numbers here that I'm just completely missing? Any help would be greatly appreciated.
[{"id": "ikbmyph", "text": "What\u2019s the job title/roles &amp; responsibilities?Will you be asked to source deals/land and find new markets to enter?", "replies": [{"id": "ikch8io", "text": "You didn\u2019t answer his question.  Why would he tell you?! He is interviewing you knuckle head!", "replies": [{"id": "ikdgszi", "text": "Because it would help me understand what they are looking for. If it is a deal sourcing role, I\u2019m sure they would like him/her to run that analysis on a target/example market, provide comps, demographic data, etc. and show how it fits their criteria. I\u2019m not trying to steal this persons job, knucklehead.", "replies": [{"id": "ikewkmo", "text": "Hi there! Thanks for responding to my post. Because of the nature of the company (start up), I'll be wearing many hats. I will lead financial analysis on new deals, identify new markets for expansion, as well as lead property management. I won't be responsible for sourcing deals at this time, though I can see the position evolving to include deal origination.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ikchq6j", "text": "See if you can benchmark to national trends or other cities.   If yields are higher in that market, then it might be a good thing so they can pay dividend.  If PM fees are high and they can scale, maybe they will start a PM operation or find lowest cost provider!  \n\nBuild a basic waterfall and see if they can pay dividends based on pref.  You can take this various ways!\n\nCompare apt, to sfr to single family home, and see if monthly costs are positioned well for sfr!  \n\nGo only and google the shit out of the company and their competitors, see what blackstone and any sfr reit are doing!?\n\nYou will crush it!!!", "replies": [{"id": "ikew4nt", "text": "OMG thank you so much! This was immensely helpful! I cannot tell you how much I appreciate this!", "replies": [], "depth": 2}], "depth": 1}, {"id": "ikdqe8b", "text": "How are you factoring in taxes on the rents?  Just curious.", "replies": [{"id": "ikdv6a9", "text": "What do you mean? Are you asking how much he is expecting to pay in taxes?", "replies": [{"id": "ikdxch1", "text": "If you're doing an analysis for him, I was just curious if you were factoring in the taxes on the projected income from the rentals.", "replies": [{"id": "ikdxiv9", "text": "So you\u2019re asking if he\u2019s counting taxes as one of his expenses when he is looking at NOI?", "replies": [], "depth": 4}, {"id": "ikewx40", "text": "Hi there - thanks for your question. Yes, taxes are being accounted for on both a property level and at sale.", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "ikeo85r", "text": "They\u2019re probably asking you to back into return metrics. I\u2019d assume a 5-year hold, debt at whatever LTC they gave you ( could probably assume a 4.25% fixed rate for the loan). You\u2019ll need to make some assumptions based off the market research as to rent growth and exit cap, then put in writing why you chose those assumptions or what comps you used. \n\nReturn metrics I\u2019d look for: \n5-Year IRR, \nEquity Multiple, \nDebt yield, \nStab. Debt yield, \nGoing in CoC , \nStabilized CoC", "replies": [{"id": "ikexh6w", "text": "Thank you! This is so helpful. Your response aligns with what I was thinking too. Much appreciated! If I am given portfolio metrics (net yield, LTV, and fees), how would I back into these numbers if I were to conduct a single-asset valuation? In other words, I have the above portfolio metrics. As part of the case, I was also given a single-asset to evaluate. How do I back into these portfolio metrics and essentially conclude that \"the acquisition of this single-asset will boost the portfolio by X percent\"?", "replies": [{"id": "ikf7lra", "text": "I would underwrite the single property - use the portfolio level debt assumptions and fees. If the property performs better (higher yields/return metrics) than the portfolio as a whole, I\u2019d say it\u2019s a good investment for them.\n\nIf they don\u2019t give you a purchase price, you can back into one that provides the same yield as their portfolio and say this is what they should buy it for.", "replies": [{"id": "ikfvxjv", "text": "Wonderful - thank you so much. This has been so helpful and I really appreciate all your help!", "replies": [], "depth": 4}], "depth": 3}], "depth": 2}], "depth": 1}]