The price per square foot quote is a tricky measurement to go by.

Alternatively, once the existing tenant is out, you can lease at market rate.The real challenge of "non-landlord friendly" areas in the form of: your ability to adjust their rent from one lease term to the next, rent control issues that would limit your ability to ever push rent increases over time, any mandates on required renewal options for existing tenants (typically come with rent control measures) and the ease and speed with which evictions are processed. 

Measuring if a property is a reasonable first, second or last investment is not a function of how much you have saved.

If they don't pay the dues the HOA can lien the property or enforce measures on it. 

That's an imperfect measure, but we really need to get a sense for what you have to do in order to GET that $108k that it currently brings in.Not giving you the yes/no on if it's a good deal or not, just giving you some ways to think about it. 

@Alec Jacobs We typically m aside the windows and buy our own and usually get a quote based on the measurements from both the box stores and an independent glass company.

is there a device i can use to measure the level of pander?)

First, it's a plan-z measure, that if they have to take the asset back, that after all the expenses of such and what-not, there potential losses are mitigated to $0 or as close to $0 as possible.

Answer that and then measure this decision against your goals. 

Commercial properties are measured on NOI or Cap rates.