One thing you can't quantify is the energy you possess!!

The market is highly inefficient, people act irrationally much of the time, many variables are hard to quantify and don't get me started on rehabbing or tenants.

Impact to Budget -  $0 I am going to say zero dollars economically but probably lost out on several business building opportunities which certainly has a cost though I will not attempt to quantify that here.3.

If you can quantify and get a descent probability and value, using expected value over time will make you more profitable.

I lost count of how many times I've seen that happen.You say that you'll only buy if the price is well under market value...but you are unlikely to be the only one bidding (and if you are, be afraid) and the other bidders, likely to be pros, won't sit idly by while a property goes to a new bidder at a huge discount.Finally, yes, taxes are an issue, but in your state you also have to watch out for super-senior unpaid HOA dues, and those are harder to accurately quantify than taxes.

How do I quantify the impact the slowdown in the oil economy has on the value of the cash flow (other than increasing my calculation for vacancies which I am sure will increase if oil does not rebound soon)?

Quantify how much return you are looking for in the short term (cash flow) and in the long term (appreciation) and how much risk you are willing to take to achieve these returns.

How does someone quantify and evaluate the risk involved with this kind of opportunity?

.#5 Practice, Practice, PracticeWalkthrough potential rehab properties (or find properties virtually online) and practice creating detailed scopes of work, quantifying repairs and estimating rehab costs for the projects.

But governments lack creativity, instead favoring quantifiable and uniformly applied standards, and given our affinity to currency it's no surprise that the default yardstick to measure how much you know would be how much money you have.