Thanks, Bernice One approach is to break it down by looking at similar vacant retail spaces nearby and comparing price per square foot while factoring in potential rental income once occupied.

@Chase AlexanderRecommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Does anyone do an online application?

But in my experience, you would be better off spending that same amount of time/hustle working a second part-time job with guaranteed income, then investing in buy-and-hold properties. 

I should look at the expenses vs the income (rent collected) and not the selling price of the property. 

Embarrassingly, I listed our property with the usual $50 pet fee (which can only be $35 now) and asking for income 3x rent (which is now 2x).

Hey Spencer - It sounds like a great idea to generate some extra income with your empty room!

The last 3 years I gave away more than half my taxable income and last year I gave away 4 to 5 times my taxable income which perturbs the scorecard.So for me, I plan to stop when it is no longer fun. 

The rules are more complex than we can fully explain in an online forum.

These are usually lower income areas, and you must understand the quality of tenant you may get.