Also, I live in Los Angeles, so investing out-of-state was my only option when I began my analysis. 

Far too many get stuck in the "paralysis by analysis" stage, thinking they just don't know enough to get started.

Know the house and the finishes, if its out date stage it to look modern or make some renderings of the updates.

We are still in the early stages of setting terms and we are out of state so haven't seen the properties (our agent has seen a few). 

Building : 1878 /2008 Renovated.Price : $600000 Asking Total Tenants: 15    & Monthly Rent : $21173Deal Analysis Value Over Time Can you please let me know what else is missing in this to get more accurate deal analysis.

They’ll do in-depth analysis with pro forma statements projected out 20 years.

Took him thru the Market analysis and he is excited. 

John is right about the enemy method, its the only accurate way to estimate revenue.The blanket estimated revenue amounts on analysis websites like AirDNA can be a decent baseline, but generally include too big a pool of properties to give a very precise estimate.The way I use the enemy method: Sign up for a pricing software that has market analysis (I use PriceLabs but most of the pricing softwares have this feature).

Back in 2020, BiggerPockets also did an analysis with similar results.

I've done some high level market analysis and have been looking at properties to purchase.