You can also get in-line programmable thermostats for electric resistance heaters - this will allow you or you tenants to roll the heat back at night and when the tenant is out during the day.We have been using ones manufactured by Aubé Technologies (TH303) as they fit in/on a switch box with the same footprint as the old resistor dial thermostats.  

What I am saying is unless the seller is extremely desperate and he/she will pay you to take the property (ex. property with environmental hazards, etc.), you must contribute one of the following to get a deal done:Land (The Deal): You can locate a really good deal, conduct the due diligence, draft the investment summary, locate a reputable property manager, obtain debt financing quotes and raise equity to close the transaction.Labor (The Expertise/Property Management):You can locate a capital partner who has a deal and provide property management services to increase the value and generate an attractive return to investors. 

Sounds like you need to find one firm or person to deal with that has a national or semi-national foot print to origination.  

Make sure to get a phase 1 environmental if you move forward with the transaction.  

Interesting conversation explaining the footprints on your window.

For now, this is an exercise for me to learn how to evaluate these larger properties and learning the more in depth steps.Here's the pro forma: (BP won't allow any HTML Tables so this is ugly, first # is soft, second is monthly rents, and third # is the rent/sqftAutomobile Repair9400 -- 3000 -- 0.32Church14300-- 2000 -- 0.14Jerky25600 --- 3500 -- 0.14Restaurant3127 -- 1750 -- 0.56Listed as Rented buy Google says is Vacant2400 --- 0 -- 0Rock Climbing Venue2000 -- 1200 -- 0.6Smog Shop2600 -- 1500 -- 0.58Gym7000 -- 1300 -- 0.19Vacant11000 -- 0Totals:77427142500.21Calculations:Listed Price$1,710,000.00Listed NOI$171,000.00Listed Cap Rate10.00%DP 30.00% = $513,000.00Financed$1,197,000.00Debt Service @5.5%$95,760.00 (15yr Amortized 30)Cash Flow$75,240.00COC14.67%Debt Service @3.5%$83,790.00 (15yr Amortized 30)Cash Flow$87,210.00COC17.00%A couple things to note:1 - There's a wide swath of Tenant Classes 2 - I am aware of the environmental concerns of the Smog & Automobile businesses. they are on the back side of the property away from the retail in a separate set of steel warehouse buildings.Tagging @J Martin -because he wanted to stay in the loop on this.

The unit footprint is approx  6K  sq ft, 35 x 175,  with similar living space sq  ft.  

(the fourplex is a 2 story, about 3,400 s.f. total), so the "lot" is not much more than the footprint of the building. 

by and large if a parcel of land in any major metro city was on MLS  and did not sell then it was overpriced probably by a lot... or has some other hair on it.IN markets were new construction is viable and hot land deals sell in a matter of hours or days at the most to builders looking for lots.my take on Texas as whole ( not Austin though) is there is so much land that builders and developers have a lot of options and unless you have some sort of infill in a super hot spot  your dealing with a parcels with limited value or desirability or physical constraints for environmental or regulatory impediments.   

I am guesing the house will be on a slab with small footprint, vinyl sided,no garage, builder grade everything.