That changes the calculus a little.

That definitely changes the calculus on this...basically we could not move in to any of the units and who knows what the level of damage is. 

Math, all versions from Algebra to Advanced Calculus and beyond, are just languages...like French, English, etc...and need interpreters when/where/how you use them. 

If it’s in an area that will only improve marginally, then that’s a different calculus.

I took the basic business classes, financial accounting, macro and microeconomics, statistics, calculus, etc.

I'd like to think all the years spent in math classes will really pay off in REI but I don't see calculus 3 being applied to many REI calcs.

Does this change the calculus in terms of how desirable it is to be a long distance investor?  

If you're buying in a C or D class neighborhood, homes for under $150k, your situation is clearly different and your calculus should be as well, but be mindful that good advice "in general" or for another investor, may or may not be good advice for you.

And with a PROPER cap-x calculus you will know if something goes out early, in-line with expected life span, or out last expected life span.

Interesting way to do the numbers, by holding cash reserves and just removing it from the calculus of Cashflow, ConC, Cap rate etc.And good point on the Cap rate, that is obviously a clear metric along with ConC to compare apples to apples on a property.When you  both say vacancy varies, I agree, but when you are evaluating a property to decide if you want to buy it, are you using the vacancy rate from your property manager, the Turnkey provider, or some general knowledge you have from elsewhere (experience)?