But with the assumption that you have already gone through that exercise and you are asking the forum knowing the answers, then I believe you really need to look at what Chris is pointing out.If the numbers work well on both the buildings and they both cash flow, but at different levels, then you really need to ask yourself how comfortable you are with the "bad area". 

I'll have to add this exercise to my buying criteria!

However, lenders must exercise caution when considering retirement accounts as effective reserves because these accounts often•are in the form of stocks, bonds, or mutual funds;•feature significant penalties for early withdrawals;•allow limited access; or•have vesting requirements.If the retirement assets are in the form of stocks, bonds, or mutual funds, in order to be considered for reserves, the account must be discounted by 30% to account for market volatility.

I have "won" an auction, after the bidding exceeded reserve, only to be told days later that they were exercising their unilateral right to cancel the bidding and void the deal, found in mountain of documents I was required to sign to participate, unless I agreed to a significant price increase.

If IRS does not exercise its redemption right within the 120 days it will automatically expire.

When you find a pre-qualified buyer, you "exercise your option" to buy.

Its a very small factor that plays into the total decision, more importantly, if you have a mature and established credit history - you should be even less concerned about it.Whats the point of having a strong score if you're not going to exercise it.... ? 

What are the best ways for me to do this exercise without engaging a realtor?  

@Brian Eastman I was wondering if you could comment on an exercise I recently did in excel.  

and I guess if I looked at that deal the cost of liquidating it at the time would have eaten up any equity.. so when its within 10 to 15% of market yes it has equity but I don't really perceive it as cash to me.I go through this exercise almost daily in my every day work a world.. when I get funding requests ......