What cannot be assessed is the realistic projection and local perception of the location of the property.

A project like this is all about PERCEPTION more than price.

In some cases, once you take vacancy cost and association fees into account, it may not be possible to make an acceptable profit.Maintenance CostSome people choose condos due to the perception of low maintenance costs.

A lot of sophisticated buyers who are interested in safety deem those markets to be safer, and as such more valuable. 

BUT... you need to be somewhat sophisticated and be able to use formulas like IRR, PV, Lookup Tables, etc.

@Michael Wagner hit the nail on the head (and so did everybody else) - this is goiong to vary based on location, the perception of "need" in the area for self storage, and (sometimes) in how you've actually make the facility look from the street. 

@Jock Tilghman I don't consider myself a very sophisticated investor but here's how I've been doing it: I simply wouldn't purchase a property if I wasn't very confident that it would rent for at least a $3-500 more than the monthly payment on a 30 year fixed mortgage.

@Sylvia B.That's very perceptive of you.

There is some sophisticated planning that can be done to maximize the step up and accomplish your goals.

. :)  like I said for the nicer more sophisticated renter I get that for sure. !