Removing the old shingles would come at considerable additional time and even more so expense, and per the property manager (with about 30 years or of experience) one additional layer of shingles can be added without in any way compromising the roof's integrity due to weight or any other factors.Plus a total tear off would be a factor that would further tilt the needle in favor of a capitalization requirement.   

Define your requirements, taking into consideration the realities of the market (Austin is heavily weighted toward the appreciation play at this time).

So, as a newbie, I give weight to the opinions of people that have more experience than I do (which is why we're having this conversation).

A professional real estate photographer will pay their weight in gold!

Investing in real estate is similar to losing weight.

The track record of the sponsorship team on a real estate syndication investment should be the top thing you look at.Otherwise, cap rate might carry weight in these two arenas:#1 – Is the cap rate comparable to other assets in the area?

Some people may like to give greater weight to the growth rate of a city while others may give greater weight to the median household income, for example.I would recommend that you use your own common sense and judgment to come up with a methodology that suits your beliefs and instincts.

Often times, perception carries more weight than the truth, therefore my desire to correct it.

You then have about 4 weighted options.

I've been reminding myself lately not to put too much weight on statistics.