I mean, that target IRR seems amazing, but how does one really quantify the risk?

Repair due to age is something that you can make a generally successful attempt to quantify during due diligence.

Several qualities go into selecting a contractor; price, timeliness, quality of work, scope of work to be completed, etc and we all have different thresholds of what we will accept and quantify as good.Its been my experience that finding a good contractor takes time and hard work.

Risk adjusted total returns are what matters ... risk is difficult to quantify, but ever important ... 

As was mentioned above grades are hard to quantify, but suffice it to say, not the best of areas, thought you can find worse in Milwaukee as well.This would probably be one of those questions that would best be served by a phone call where you can more easily communicate the nuances of a location like this.

It would be good if your base puts you at a quantifiable level.

As far as markets, be sure to clearly define what your objective is (i.e. cash flow vs appreciation) and quantify your objective.

You often would have to quantify results somehow to compare.

There is a fear for safety and a fear that my water would break.I have also found in my experience with men they have quantifiable goals. 

Cap rate is a metric that quantifies the quality and duration of a set of cash flows.