Another very important consideration is the absorption rate.

That is a fairly good current absorption rate.  

Good property, with a high occupancy level, in good condition (no deferred maintenance or major structural issues), in good location (one with a great local economic growth) where absorption rates are high, good property management in place. 2.

You might want to look at the competition and the absorption rates to help you calculate vacancy costs.Why did the previous owner fail?

Any new communities coming up and what is the absorption rate?

There is a difference between looking at a block that has a couple of rough houses next to new constructions versus looking at the absorption rate (what is has gone on the market vs what has been sold over a recent time period), the migration of where the permits are being pulled in a particular area and how that mimicked similar neighborhoods that have boomed, what the city's 20-year comprehensive plan shows, and then what commercial contracts and permits are being approved in a given neighborhood. 

According to Cushman and Wakefield's study in June the citywide vacancy for industrial space (warehouse) is 9.5%, net absorption is 209,019 sq ft, 593,130 sq ft under construction with net rents of $12.60.  

We have a lot of clay in the soil here which makes for poor moisture absorption and causes water to run and pool instead of caking up and creating 'mud.'

If the Exit is a Hold Strategy, then you should know about Seasoning Requirements, difference between a R/T and C/O Refi, DSCR ratios, OER, Mortgage U/W, Market Rents, Absorption Rates/Marketing Time Averages, IRR and Cashflow to name some of the major items related to a Hold Strategy.4) You will have to estimate Acquisition AND Exit Costs (including your assignment fee)5) You will have to take pictures of each room, specific pictures of all damage the property has, all of the Mechanicals (Panel, HVAC, HWH, etc.), each side of the exterior, front and back of roof from ground or interior windows and 2 street views facing both directions from in front of the property.

So in the market that starts to decline and agents in the market retreat then the tech gap widens, if we agree that a slow constant absorption and improvement cycle takes place in the background.