It was a chiropractor office on the lower level with an apartment upstairs that still has the x-ray machine/equipment and patient x-ray films.

I don't think that is a bad thing as they ask for a higher regard for safety and sanitation than our local municipality in Pennsylvania. 

He understands what investors are looking for, he's very timely in his communication, he's patient enough to answer all my questions and there's no hard sell.  

He was also a month late on delivery and we were getting close to the holidays, so I wasn't patient on offers because I wanted to move it before people got busy with end of year festivities. 

As long as your return covers the 8.5% and there is a margin of safety then don't worry about it. 

Allowing the new investor to have enough margin of safety to cover closing costs, vacancy period if the current tenants were to be evicted for whatever reason the investor see fit?

As a new investor, and after learning all types of "deal" definition, the current market made me feel that either what I learned are outdated or I need to dig real hard or wait patiently till down turn to get the deals.

Guelph can be good to if you are patient and can stomach the prices :)

If you're doing all the work yourself you should be able to get 20% net.Be patient and wait for the right deal to come along.Thanks

But, you can find safety in Greenville, Bergen-Lafayette, Heights, and even by Journal Square.