Take a look at this BP page which succinctly summarized the "Winthrop factors" for making this determination. 

So to summarize, here is the breakdown of everything:Rehab: $28,990Loan Pay Off: $186,745Closing Costs: $3,500Total Expenses: $219,235ARV: $277,00080% LTV: $221,600Loan Skip + Escrow Balance: $1,546Total Income: $223,146Remaining after loan pay off: $32,901Profit: $3,911 (Remaining - Rehab)Previous Monthly Payment: $1,242New Monthly Payment: $1,274So all in all, my monthly payment is only going up by $32/month (thanks to all-time low rates), I put a butt ton of equity in my home, pulled the equity back out to invest in something else, and got an extra $3,911 in cash.

To summarize, I think onesie-twosie investing in C/D areas is not worth your time.

Lastly, you should be underwriting at 10% Vacancy factor, not 5% (which is your best case).So to summarize, your total expenses including vacancy should be at 40% or more for underwriting based on the details you have provided thus far.

This would be a VERY long answer to a short question but if I can summarize it, I would point to the underlying fundamentals found in self storage. 

One day, I will summarize the whole cash flow with repairs, mortgage, depreciation etc., and calculate the IRR, but this has to wait until I am done with my 2019 taxes...

In the report, they'll summarize their findings including current holder of the mortgage and they'll include copies of the recorded documents for back up.This won't tell you what's currently owed.

I am going to post those below in summary and I just want to footnote the summary with I had to infer to some extent and summarize.  

So if your house cost $50k, rent should be .02 * 50k = $1kThere are also many other calculations to do a real estate investment analysis that I've summarized on my bigger pockets blog.

All of our deals are FULLY DOCUMENTED.See the bank appraised and DOCUMENTED amounts our investors have made listed below on our last 700 projects summarized by the accountants since 2010:NRIA Firm Overview: https://www.dropbox.com/sh/24yrxpsufxi287n/AAAcMt7w8AmZWYsEnDD73BWEa?