My ARVs are also reflective of those factors. 

I have been playing the multifamily game for almost 10 years now, and the GRM is one of my least favorite methods personally since it ignores so many important factors (steam boiler versus electric baseboard heat as an example). 

I don’t know much about the Australian market, but your curiosity and drive to learn are inspiring.

There's no massive oversupply in the Tri Cities and nothing in Sville/PF/Gburg is going to affect it as it's an hour plus drive away.

Choosing a location near LA, accessible by a short flight or drive, will make it easier to check on your projects.

Of course the goal should be on the first page by anytime but that is usually bad ROI since the price is the biggest factor on the rank.

Your drive and vision will take you far wishing you the best on this exciting journey.

It drives me crazy but it does force me to 'prove it' before we spend money.

what factors should I be looking at when making this decision.  

It drives me crazy when I hear these stories preventive maintenance is what should be practiced and discussing all avenues of the deal and the borrowers docs in advance.