In these "it's not what it is - it's what it could be" situations, I would calculate base, pessimistic, and optimistic IRR.

He was very optimistic and disussed a couple other options I may look into as well.Looks like I gotta get busy looking for that elusive deal now. 

I was formerly an investment banker at a top tier Wall Street firm, so I'm very optimistic about learning a lot and being successful in the real estate investments realm. 

I am sharing a link I received todayhttps://www.dropbox.com/sh/v17s8ca1xx07x0i/AADfA4a...Thanks in advance for your replies,BestChristopheHi Christophe,I have always been an optimist and see great potential in Michigan and the outskirts of Detroit.At the end of the day it comes down to the people you are looking at dealing with.

Apparently, the seller wasn't optimistic about the possible deal before listing.

Hey there, @Loren Buchanan, the rental manager I spoke with recently said he is renting places (SF, at least) just as fast as they come in, and he was optimistic that this trend would continue.

It seems optimistic, but I won't pretend I'm an expert.

To address your comment, I agree that I can be overly optimistic in life and real estate, but I believe that in this case you are combining two pieces of research that are not related.

I would make some assumptions, even if they are optimistic assumptions.  

You have to really understand your market, have to be able to realistically (not optimistically) comp a house, have to have a solid understanding of reno costs.