Analyst: Judge single-family rentals on NAV, not rent yields

The rental yield return expected from the single-family rental plays doesn't look too exciting, but Susquehanna's Jack Micenko says the best way to analyze the group is on the value of their home portfolios, with average house age a key factor

American Homes 4 Rent (AMH -0.4%) is the only one of the group he sees a Buy after calculating a net asset value of $27.75 per share by year-end 2015 vs. today's price of $16.70, and figuring the sector should trade at a 25% discount to NAV.

Others: SBY, ARPI

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