The hourly wage Id earn on that after paying expenses and taxes would put me at half the median income for my metro area.

@Austin Styer along with @Wale Lawal's comments, I would focus on flipping a home that will end up in the median price range for a neighborhood, and not creating the Trophy home for a community.

The median price in the city hit 379,925 as of June 2024, reflecting a 6.3% increase.

At first glance, you might notice things are cooling down a bit, but a closer look shows that for those ready to dive in, there are fresh opportunities to be found.Single-Family Homes: A Market Opening Up for BuyersSingle-family home sales dropped by 12.1%, going from 1,056 last year to 928, yet the median sale price actually nudged up 2.2% to $615,325.

The median home price has dropped by $80k in 8 months, days on market has gone up by 800% in 2 years.

But let’s talk about what went up: the median sale price, now at $653,400 (up 8.9% from last year).

Median household earning $79K/year doesn't have $400K-$800K cash in a bank to buy the houses, much less finance it with 7% APR.

So what I did is I looked at median prices of 2 bed condos between 800-1200sqft built between 1980-1990, I did this to eliminate new condos being added into the pricing pool, and look at this rollercoaster...Detached faired a LOT better, less variability in downturns, and much better return (for this chart I did not look at semi-detached, but the trend is closer to detached)

Also use Placer.ai stats to compare both properties, local demographics, median income etcOur experience on the lending side is that if gross sales are consistent over last 3-years, under writers will consider this incomeI would definitely consider option-1 based on tenants sales, NOI and how stable the restaurant is running.

You'll want to collect research that goes far beyond the documents and reports provided by the sponsor.I'd work my way down this list when looking at the buildings: Specific to the properties: Acquisition Costs, Environmental Reports, Appraisals, Property Condition Reports, InspectionsBecause these are likely commercial properties, much of the value is connected to the tenant, so evaluating the tenant becomes crucial: Conditions of Leases (duration, escalations, extensions), Balance Sheets, Competitors, Historical Performances, Credit Scores, Macro TrendsLocal market factors that you are used to pulling: population density, population growth, unit type inventory and growth (multifamily), median income, etc...Financing terms: interest rate, principle paydown plan, cash sweep options...Offering model: management plan, operations, asset management, exit strategy.Sponsor track record: Every sponsor has a list of the previous offerings within the PPM.