I guess you would have to see if the dirt or the house holds more value and who the optimal end buyer is.That will determine what someone will pay for a property.I have seen instances in CALI where they tear down the house and just want the land to build new. 

@Jim Sokoloff is right the $49/SF is the current asking price figure for the building and the $12.32/SF/YR is the median asking rent for retail in the metro area.Is that $12.32/SF/YR figure applicable to use here?

This is a rule of thumb of course as your property may vary from the median, but I have found it helpful in quickly assessing what rents are doing.

But must be verified by 60 day history, and must be a gift with no requirement to pay back.Reserve Requirements 3-4 Unit owner occupied properties must have 3 months PITIThree (3)- and Four (4)-Unit Property The maximum mortgage amount for the three (3) - and four (4)-unit properties is limited, so that the ratio of the monthly mortgage payment, divided by the monthly net rental income does not exceed 100%, regardless of the occupancy status.Livable Conditions The property must demonstrate the following characteristics: A continuing and sufficient supply of safe and potable water under adequate pressure and of appropriate quality for household uses.Sanitary facilities and a safe method of sewage disposal.

I am curious to know what investors think about of the east side market, and the new market on the east side of Pittsburgh, what does it mean for the future of Pittsburgh considering the fact the household medium income has only risen slightly over the last few yrs, I know new companys are investing in Pittsburgh such as Google, Amazon,etc.

The property has median sales price of $49,000 and he wants $47,500 cash offer.

I couldn’t find exactly comparable data for today, but in 2013, according to the National Low Income Housing Coalition, there were 10.3 million households classified as “extremely low income” (incomes at or less than 30 percent of the area median) and 5.8 million rental units they could afford (that is, with housing and utility costs amounting to 30 percent or less of the threshold income).Some people do get help with the rent.

Yeah this particular Starbucks is a median income area around 150,000 so it is a highly prized location and the dirt is very valuable on a corner.I agree that especially in sub-standard markets the lease value can be over inflated.

Median sales prices are up +7.6% ($170,000) and avg sales prices are up +5% ($201,419).Another thing that's crazy about the market here is the bank owned properties aren't budging one bit.

If you look at Zillow and view the median sold price for homes, over the last 3 years it's peaked in July/Aug and bottomed Jan/Feb, people see it now and are crying bubble, but it's just a cycle.