Though exact time-period calibration, proof of correlation is not. 

again nothing to stop the sound waves (my lease required 50% coverage by area rugs, I do not enforce that unless we get complaints).If is quite possible you are chasing ghosts here, you can spend a lot of money sound insulating the place, and decrease all the sound frequencies above 125Hz, but not effect any sound at 50Hz and then your next tenant is a bass player and everyone complains.You can get a professional sound meter from amazon for less than $20, those do not have frequency ranges, but they will let you know if the person who is complaining is crazy or not, and you can use that meter (that is calibrated) to compare against your local noise ordinance to see if there really is a problem.

But the rest of your expenses are only 18.5% of the rest.Just to calibrate everything on the same scale if you add vacancy back and add that to the expenses you get basically $16,271 which is 28.2%.

I wouldn't disqualify either of these properties based on location and neighborhood.A - F grades are meaningless without some sort of scale, but I can't imagine any reasonable calibrated scale would have those areas grading out as a "B" neighborhood.

To me the terms of the debt are every bit as important...if not more...than calibrating the NOI precisely.

I'm not yet calibrated to what's considered pretty standard, though I realize it really changes case-by-case, depending on other improvements and things that are part of the deal.

The impact of the exit capitalization rate also diminishes if one holds the project for an extended period of time.Investing has more to do with instincts and one's ability to create value than it does with precisely calibrating exit capitalization rates and/or any of the other interim cash flows.

Now there is a chance that if somehow you could get it from the Church at a good price, that if you were to build there you could uncover a  HAZMAT situation sending construction costs into a potential project killing situation.With only enough savings to survive for 6 months if I had to stop working, and a credit history that is not great after starting my business in 2008 on my own at the age of 24, it took some time to calibrate. 

Good to see others have their BS Meters calibrated!

It would be nice to be completely calibrated to the market but that is not easy to do.