even the existing irrigation system is being torn up and the foundation and sewer / storm water drainage work is being completed.  

I agree with @Ali Boone that IRR sounds great on the surface but it seems like a lot of speculating to me.

I'm probably just scratching the surface here.

It's sponsored by BiggerPockets but on the surface it seems to have decent information.

I've started debating internally the future of an auto retail in light of Amazon selling auto parts, but that is likely a problem that will surface 5-10 years from now.  

Unless you anticipate going in during or after the rehab to do it yourself, make sure you include in the bid, things like:- Trim- Painting - Light fixtures/fans- All floors and surfaces as you imagine the tenants using- Landscaping - Etc. 

I would also use a higher maintenance cap/ex reserve based one 1) the condition of the collective portfolio 2) the fact that these are not a single conforming building, but a bunch of singles with a lot of surface area. 

I am thinking about removing both tenants asap and trying to get the smoke smell out but removing all carpet, whipping down down every surface, getting ducts cleaned and running an o-zone machine if needed.

Do that for every property that catches your attention, that meets the criteria you laid out above, and when the right one surfaces don't hesitate to make a move. 

I haven't found any one book that goes into enough detail, they just kind of skim the surface.