If it's 1-4 units, then you'll need to look at comparable properties, but with 5+ units you'll want to determine the future value with NOI and cap rates. 

I like to compare my condos to the JW Marriott on Marco Island.  

I have been using the BP calculator more extensively compared to the others I mentioned.

Would be happy to compare pricing options for you if you'd like.  

One thing that helped me when I started was getting super familiar with the local market and building a network of reliable folks (like other investors and contractors) who could make the process a lot smoother.Feel free to reach out if you have questions about investing in Michigan or want to compare notes.Best, Travis

You are posting from College Station so you know our winters in texas are fairly short ( less usage) but either way I would compare cost of the heat pumps to regular furnace before deciding.

Turns out the Listing Agent put tenants in herself.3) I found out 3 days before close that Comparable rents came back too low, despite the Listing Agent having put tenants in for higher rent (an interesting positive from that situation), but the Lender couldn't use her contracts. 

And those can be hefty compared to retail...Houzz, Home Depot, Ferguson, etc. 

@Eric FicheraAlmost any market is landlord friendly, compared to NY.

A comparison would be a STR compared to a LTR.