A simple business decision that's up to you.

.- Be decisive.

Remember, if you have to carry a gun to collect rent, you made a bad investment decision.

Instantly I can tell the hottest markets from the normal and cold ones, and separately determine which one's I am priced out of due to crazy high values.I'd suggest a similar value-based approach if you have the data to calculate on to identify a few markets to start looking for deals in, but remember this is still too broad of analysis to make a go/no-go decision on the projects you find.

Your due diligence time period would have been the right time to inspect further if you wanted to, to gather the info you needed in order to make a buying decision on your end. 

You made an incorrect assumption that I was being lazy and not reading or studying how to prepare for this venture. 

Best of luck to you in your decision making.

However, it may be a better strategy to base your decision on cash flow rather than speculative gains.Purchase Price: $480KAnnual Rent: $2,400 * 12 = $28,800Expenses (@30%): $8,640Net Operating Income (NOI): $20,160Cap Rate: 4.2%Another point to consider: if you're already facing negative cash flow, how will your returns be impacted when it comes time to turn the property or if a costly repair is needed?

Alternatively, I could stick with the hard money loan and refinance into a conventional loan later.I would appreciate any suggestions or advice on this decision.

The CCIM Institute has awesome courses that take you through the gamut of understanding the language of commercial real estate, financial analysis, market analysis, and advanced investment decision making.