Is the cap rate on a 6-bed even real or am I buying a job with a mortgage attached

The broker's NOI is almost certainly a house-level number that treats resident revenue as rent and ignores care labor, or it's an owner-operator number where the owner works day shifts unpaid. Ask for a payroll register, not a P&L. If the register shows fewer hours than your 230, someone is on the schedule for free.

Your build is close to right, and the piece worth tightening is the overnight. If your state requires awake staff rather than sleeping-on-premises, that's a full extra shift you can't compress. Check the staffing minimums in the license category, because they vary by state and they set your labor floor regardless of census.

On the split: PropCo rent is whatever the OpCo residual supports with coverage. If OpCo produces $5,500 to $7,000 a month of EBITDARM at full census, rent at 1.25x coverage is about $4,400 to $5,600. Capitalize $5,000 a month at, say, 8 percent and you get $750k of building value, which is above your purchase price, and that's the version where six beds are full and nobody is sick. At five beds full you're at $24,000 of revenue with the same staffing, so $4,800 of gross margin evaporates and coverage goes under 1.0. One empty bed out of six is the whole equity return.

Six-bed homes don't really trade on cap rate. They trade at replacement cost of the house plus some goodwill for a stabilized census, and the goodwill disappears the moment the owner-operator leaves and takes the referral relationships. Also price workers comp and professional liability properly, since caregiver comp rates per $100 of payroll are among the higher classes and differ a lot by state.