If you have enough income yourself you will not need it leased up- if you go for portfolio financing locally they will most likely want the property to be leased up first and possible the above habitability as well- if you're looking for hard money you will not need habitability or leased up but as a downside the rates/terms are not as good- private money - wild west any thing goes as long as the lender is cool with and you're willing to borrowSo it depends on what condition the property is in currently and if its getting leased up soon?

. - DC and Baltimore are very different and even within the two cities real estate can vary wildly.

Marijuana not legal, think Brewery or growing mushrooms or vegetables like lettuce.2) Old shopping malls.

It is, or at least was, something of a wild west. 

Pit bulls and wild parties are fine, but in your own home not one of mine. 

Wild.

If you haven't bought in that part of town before, utilities can vary wildly so be sure to check how much the property has costs for utilities over the past year or so.

@Chris L.That's a wild story!

Known as “Project Wild Cat” it appears Amazon will be building a 20 acre (Yes 20 acre) fulfillment center that will bring 2,000 jobs to the Old Pueblo.[2] Geico to Build New Corporate Office in Tucson- Geico’s regional office is staying in Tucson and they will be adding 700 new jobs.

If you were to apply income based valuation on 1 to 4 unit properties, you would likely get the wild swing that you have observed.Second, the formula of "Net Return" as you defined it (i.e never seen it used before) is essentially Cap Rate * 5 (i.e. using your assumption of 20% down).