I realize this is an ancient thread, but thought I'd chime in for future readers. 

Their only housing options are ancient condos (that are simply converted hotel rooms) or high-end luxury units.They are happy to stand behind brand new, reasonably priced condo units.

"Oh, what do you mean I can't find a job using my degree in Ancient Sanskrit?"

I know someone is going to quote a recent (either "Business Week" or "Fortune") magazine article showing huge appreciation, particularly in the bigger cities; DFW, HOU, SAT, AUS, HOWEVER, no one has ever shown me the methodology used in that study and everything I've looked at in those markets changes when you BACK THE NEW CONSTRUCTION out of the equation.In my local market the appraisal district tried to jack our numbers up and I protested.

I don't have the exact property yet as I was more or less questioning through procedure and methodology behind it.

The deals I did before SAFE... ancient history.

The new methodology of MRE shelf life says 5 years.

--All carpet is nasty and stinks from being closed up for over a year with a wet basement--ugly paneling in some rooms, vinyl floors are ripped, and most likely the ancient kitchen appliance do not workThe wet basement appears to be less scary than it first looks.

I know this thread is ancient.   

What is your methodology of evalutaing a deal then?