The 1% rule is not a meaningful metric and is only helpful when doing a comparison of properties with similar costs and operating expenses. 

And In Pasadena and Severna Park there are not many vacant lot transactions to make a comparison .

Median income can be used several ways but one way would be in comparison to average rents.

@Ihuoma Johnston comparison and review forums are coming up with very mixed results on the Arsenal MKG software.

MSA data is great for macroeconomic analysis and comparison but I wouldn't rely on it to make investment decisions.

But items like knob and tube or old plumbing might be less marketable, it won't affect the value of the house in comparison to the cost to remediate. 

If you want to use un-levered return as a metric for comparison in your given zip code I'd suggest developing your own.

@Jesse Paulsen Your Fountain Hills condo should rent out just fine and then purchase a multi-family in the Mesa area.Step 1 is a great lender to see what you qualify for and then it's time to locate properties, comparison shop them, evaluate, inspect etc.

So the specific laws to your state come in to play in comparison to what is written in your lease.

Asking Price is 556k        Appraised Value "Sales comparison approach" 598k         Built in 2004Decent location in the middle of townAll units currently rented "Units leased are 1 year leases" Unit A Leased Dec 2018 $775Unit B Leased Sept 1 2018 $700Unit C Leased Nov 2018 $900Unit D Same renter for 3 years, month to month current rent $850, they are upping the rent to $900 in Feb 2019Unit E Leased Oct 2018 $900Unit F same renter for 2 years, month to month current rent $850, they are upping the rent to $900 in Feb 2019Unit G Leased in April 7 2018- March 31, 2019 $700 Unit H same renter for 3 years, month to month current rent $675, they are upping rent to $725 in Feb 2019Total current income = $6,350   After rent increase next month income will be $6500Expenses - Tax $817- Est.