I did not consider the external economic factors that could easily throw my evaluation out the window.

I need to rethink how I'm evaluating these properties.

My first step, as I see it is to evaluate my resources, and see where I am, and where I can go from there.I have $46k in a SD IRA now. 

(60 units 4 story or 100 units if 6 story) What are some guidelines you would suggest as we evaluate this opportunity?

Make sure you take size/bathrooms/ features into account when evaluating, and be conservative when you do your calculations. 

I'm most skeptical of being able to find the right properties and evaluate them accurately, all without boots on the ground.  

Educate yourself on the proper way to evaluate comps, and to analyze deals for that matter. 2.

I'm most skeptical of being able to find the right properties and evaluate them accurately, all without boots on the ground.

Hey BP!So I'm creating this post to get my feet wet and try and see how other investors in the SF Bay Area approach their valuations on properties in the area. I'm currently living in San Mateo but am interested in pu...

If you're only considering fixing the space and renting it to some other business which doesn't have any synergies, then this should be evaluated as a pure investment of capital, and you should weigh that investment vs. an investment in your business, which would yield higher returns.Also interesting is that you have very intimate knowledge about the distressed state of the seller, which most people will not have, and also pretty good knowledge about the building, as you've been there awhile.