The surface of the roof is ~5500 ft sq, and the building is in a cold climate (nice summers, snowy winters). 

You can refinance as soon as you have the building stabilized with new tenants and leases.Keep in mind it may be difficult to raise rents given the current climate of the market with coronavirus.I'd be very conservative with my numbers during these times and I'd be extra diligent with tenant screening since you are not allowed to evict in majority of markets at the moment.

The 'sane' taxpayers that vote, the 'silent majority' on the left and right, are in a climate to vote out the council members in St.Paul/Mpls.

At lease in our climate they can last a long time.

It’s a mini self storage facility and there is no climate control or any advance technology whatsoever, not even a secure fence and gate .

My plan now is to save a bit more either way, besides I'm still a little hesitant due to the market and current climate, if anything it will mean I adjust my strategy a bit, not going to wait to jump in.

Concrete in cooler climates would be chilly.

If you invest in a location that is desirable, has a diverse economic base, good transportation, access to desirable amenities, and a reasonably pleasant climate, you'll come out okay, even if values go down in the near future. 

Here are a few quick pros/cons to owning townhome/condo STRs from personal experience: Pros: Complex ammenities (pools, spas, etc.)Exterior Maintenance is covered by HOA (this is really helpful in more extreme climates)Cost to acquire can be significantly lower then SFH in the same areaCons: HOA fees can be cash flow killers and assessments can pop up at anytime.

In the current real estate climate (the last couple of months), how many listings out of 100 would you say are good deals, meet the 1% rule or provide 10%+ cash on cash return?