He could survey a vacant lot where the proposed plant was to be built and using a slide ruler with a tape measure he could pinpoint within an inch the exact same location the licensed surveyors marked using their transits.  

Now, if you aim to receive 10% as Equity return on your down payment that is $34,000.00  Therefore to make this deal work, the property need to make is $34,000+ $81,600= $115,600 minimum, just to make you wholeAt given NOI $214,000.

You can't hit a target if you don't know what you are aiming my friend.

@Austin Petrie Great question and I agree that MIRR is, generally speaking, a more useful measure than IRR. 

@Hadar Orkibi and @Aaron Klatt, what is a good measure to use for growth in an area?

I aiming to properties under 200K in areas where they can rent for positive cash flow (assuming 20% down).

I agree with @Chris Sellers that your next step is to begin narrowing down your market choices.My best advice:Be ruthless with the numbers - Be crystal clear on your financial objectives and how you'll measure success.

Instead, I aim for a 1%+ monthly return.

Today my question in aimed at those who are from outside of the greater Los Angeles area- wether a few hours away or thousands of miles away- Do you want or do you flip properties in the greater Los Angeles market and wish you had someone to manage your project because you can't be there because of distance of perhaps because of time constraints?

(Freddie Mac takes aim at FHA with widespread expansion of 3% down mortgages - New HomeOne mortgage has no geographic or income restrictions April 26, 2018)