I would like to use a simple cash flow vs investment to make an apples to apples comparison. 

I too am interested in being near the metro because it's just so convenient and I'm not ready to leave the big apple. 

The appraiser will base the value on Square footage, condition , location, comparable sales within the past year and sales as close to the property as possible (proximity) Appraisers will compare apples to apples. 3 bedrooms, garage, baths etc.. etc..I think the age will have the least amount factored into the value

I came across bigger pockets through its excellent podcast on Apple's podcast app and have been hooked on real estate investing ever since. 

I use cash on cash return because it is a way for me to measure other investment returns on an apple to apple basis.

It's not always a good thing as explained (there is almost no room to raise rents & squeeze the potential).The 2 examples you brought, are actually apples and oranges: the first one is mixed use (Commercial + Residential on top) so any calculation you have on sqm price & yield is worthless (yields on commercial are always higher, because residential is considered safer....).

I was told to not invest in Hennepin (Minneapolis) or Ramsey (St Paul) because of regulation and oversight and fees (before all this covid and riot stuff) but Dakota county is good (Apple Valley area) but I see a house that looks interesting in Ramsey.

@Joaquin Moreyra  It's not at all uncommon to not want to bother tenants as the seller only gets so many bites of that apple.

I do not feel this is an apples to apples comparison.

Are we comparing apples to apples just it's a larger scale out west?