There is no point in calculating cash flow based on a mortgage having paid a DP since you will then be mixing cash flow you purchased along with cash flow from the property. 

It is mostly new investors like yourself with some more experienced ones mixed in.

Best to go into the deal with the expectation of putting up 25% down; 'Creative' financing is possible, especially on a turn around type acquisition, where the buyer may be adding value to the property through better management, renovation, tenant mix, etc.One thing to watch out for is what I call 'the great lie' of apartment sales. 

Based on my basic research, this area mixed with SFH and rental apartment building, the crime rate shows tier 2 from Trulia (not that bad), and vacancy rate is around 15%.

and about half of that time was spent working with clients as a REALTOR, and the other half was spent growing and managing my portfolio of rental properties, maybe with some flips mixed in if/when they come up.

I'm getting mixed messages...

This thing is an off-market, 9720 ft2 mixed-use building that needs a lot of work (say, $300k purchase price and $200k reno, with 10k closing/legal/deed transfer costs). 

I would have liked to see residential as part of the project, to create a true mixed use neighborhood.

This usually shows what is the highest and best use of your center and what is missing in the area for tenant mix.

I have also considered that option but had heard mixed answers on if a 1031 could be split into multiple properties.