http://www.biggerpockets.com/renewsblog/2013/03/24/deals-moving-forward/Corey Gentry you can look at it as the same as a rehab, only the intent is to exit at a lower value, but also to not have to put as much work into the property, and leave those sweat equity type items for the end buyer who gets a deal by being ok with those outdated kitchen and baths or vintage pink toilets haha.

Mix of some mom and pop is okay but too high and you run into issues.I do not look at current income as much because many small strip centers have vintage leases from 2007,2008 and the tenants are looking at leaving or getting a big reduction in rent from current levels.So if a tenant is at 18 sq ft in a strip center and a Publix supermarket was a 25 sq ft at the height of the market now the Publix is at 19 sq ft and the tenant will want the current place to reduce to 12 sq ft etc. to stay.With a less superior location the tenants have less sales and traffic so need to pay less rent to keep the same profit.

I am used to underwriting 35% as average with 30% on the low and 45% on the high depending on vintage, location, utility rates, etc.

My hobbies are rehabbing vintage motorcycles, house improvements, and playing music.  

Depending upon the HVAC system in the house, it will also be contaminated and need to be replaced.Depending upon the vintage of the house, the tile on that basement floor (shown in one of the photos), should be tested for Asbestus.

My biggest issue has been HVAC issues and a few plumbing issues at my office building.I have a old vintage GE stove in one of my rentals.

Matt,I am an investor myself and a commercial broker who owns my company.I DO NOT do property management.I can tell you first hand you will truly underestimate the amount of work involved to do property management CORRECTLY.Many brokers/agents see the small fee as an income stream but underestimate the cost of time spent versus the money earned.This is why I believe people that do property management have to enjoy and have that personality.The older vintage age of the property the more calls you will have and issues that come up.Also if it is a C to D area the issues will increase.Why don't you go work for a commercial brokerage??

A big chuck of foreclosures in my area are a result of 2005-2007 vintage deeds of trust.

Hipsters reject the culturally-ignorant attitudes of mainstream consumers, and are often be seen wearing vintage and thrift store inspired fashions, tight-fitting jeans, old-school sneakers, and sometimes thick rimmed glasses.

If the building is a really old vintage (year built) go 60% for sure.