But if I suppress rehab cost, then I may not be able to get ARV up to the target price range. 

As far as Self Storage goes, the best piece of advice I can give is ask the bank what their appetite for self storage is, and when they answer, "We love self storage" ask them how many self storage deals they've closed on in the last year.

In addition, it would be helpful to talk to the exiting residents and see how much appetite there is for them to own and to get a sense for their financial strength.Hope this helps.

My objective is to build a nest egg that I won't touch for 20 years or so, and I have a pretty small appetite for risk in this portfolio. 

@Bill Brandt  Appraisers are trying their hardest to keep this market suppressed and under control..  

Lastly, if you do find even minimal cash flow in Auckland, do you have appetite to invest here for the cash flow & appreciation, or would you still go for cash flow properties in TN? 

This won't necessary kill your case, but you may still need a varianceFire Suppression - I believe sprinkler systems are required once you go above a 2-family.

They come out every year a week before expiration, know where each extinguisher is and the size and date, and either tag or change out as necessary.For bulk purchase under 100 pcs, I'd call a fire suppression inspection company like those that inspect.

Neither is better or worse but rather is reflective of the risk appetite of the investor.

However I need a strong agent who can propose fundamentally sound investment SFRs with solid math based on our cash position and risk appetite.