William, You need to do the full math, as @Peter M. mentioned and did for you, the percent rules are just for quick analysis like he said. the percentage will analysis people usually use to help tell them if they want to run the numbers further on the property because it fits a certain % criteria. that's OK but does not fit every situation, what if you know the area is an up and coming hot spot and even if the % number is off - because the incoming rent is below market and you know that they will be going up - then the percentage rule will tell you to walk away and you would miss out on a property that a full analysis from the beginning would tell you to jump on that property because you would know that the rents were below market and that they are going up. forget the percent rules, learn the area you want to invest in, you will learn what the area does, the rent it gets and how much would be a good amount to purchase for based on the amount of rent you can collect for that property.

After about a year you will likely be able to spot some good stuff easily. 

Hi Mike,This tank was in a completely obvious spot, they used a magnometer and they totally missed it somehow. 

Wow that is a lot for 24 lots much be in the right spot!

Make sure the lightning is spot on, and make sure you have some curtains for your space for some added color.

I bought downtown 4 years ago and love my spot, but if I were to upgrade, buy again, etc...

I think you are pretty spot on with your analysis though as far as what to allocate to certain expenses and what not. 

Ask them if they're interested in selling and if they are that you would like to come by their property to take a look at what needs to be done before you make an offer.Go to the appointment and make them an offer on the spot and have them sign.

last I read, it was one driveway spot if there's no public transit within 0.5 miles (and pickup every 15 mins at commute times). 

You're probably in a better spot than me though since you have paid-off RE that you can put up as collateral.