at that level of investment, your renters could buy cheaper than you could rent it to them after you factor in your profits and operating expenses....

More work, but better ROI.How do you factor in the transaction costs and the tax impact when you compute the IRR?

But here's my problem: If I drop that much to just try and get a sale, I'd prefer not to use a realtor because commission charges arent factored in to that cost; thus, my exposure is limited and its harder to find buyers.

If for some reason, you can be certain that taxes will remain lower than typical for this property, that should factor into your detailed analysis of the deal.

I know a lot of those names on the Board as well...or were you able to deal with another local Bank (maybe even Integrity?)

If you can solve people's problems age is not a factor.

I know I can depreciate my purchase property less the land value, but how do I factor the new construction into the tax picture?

You just have to be aware of these numbers, and factor them into your evaluation.

This is a huge factor in what resources you use.

This will determine many factors of how you invest.