My only observation here is that every investment should be measured against other available ones to determine relative attractiveness. 

Take pics and measurements of the project and email that to them along with what the local code enforcement requirements are.

I also appreciate that it's not "early" in the cycle so I want to be measured in my commitments.

Investment-grade properties that are not owner-occupied tend to be less stringent if you can find investor friendly banks, especially small, local banks.   

I’ve been guiding myself by the property measurements on the survey.

What would become your new measuring points in this type of area or would you keep the same formula for these type areas as for all of your deals?

Turns out that's not even close to what he needs, he requested this neat thing called "measurements".

If you will measure that little piece standing proud of the case that is the size you will need to add there.

Just a quick question regarding the BP Rental Calculator.In an attempt to better understand metrics used to measure the feasibility of rental properties, I have been trying to reproduce the numbers presented by the Rental Calculator.My question is in regards to the 2% ratio  shown.

Cap rates have some flaws, but they are one of the good measurements of real estate return.It is fair to include closings costs into the purchase price, to determine your cap rate.