Going to start by checking into local REÍ meetups and talking to some friends and family that are doing what I’d like to.

Nevertheless I am local now and I have that real estate desire (which never went away).

Join your local REIA to know more.etc etc etc.   

Not likely), vacancy (@ 8% for me), and a possible PM (10% normally).I recommend you reach out to a local seasoned investor and have them run your #s with you, as the #s depend on how you manage it (how hands on you are) and also local pricing.

@Luke Spencer I am not on the management side but I can tell you it took 2+ years to fill 300 units at one of our facilities and the other just hit 300 units in 12/13 months so it really depends on the demographics, and local housing market trend, the more people moving in and out the higher the demand for storage.I think if you're looking at a saturated market then the upfront cash to turn the warehouse into self storage is not a good idea but then again, maybe those operators are on back roads ( low visibility ) and don't push google ads well.

Before making any decision, I would get a customized property evaluation by a local Realtor to determine the value of the property on both sides of the spectrum; sale OR rental. 

So, those become the local "Command & Control" centers.

What's the zoning on the property and do you have a relationship or contact with the local rep? 

i am unfamiliar with your local market but up in the North East, New England in particular, my brokerage hosts a lot of REI meet ups every month.

Are you considering expanding locally or branching out to other areas?