This will allow you give a reference point on how much potential rent you can receive.

Every extra potential risk in a subject to transaction can be rectified with the ability to pay off the loan in question.  

Looking at run down areas that may have potential to come up in the future. 

Do a Google search for "Boommates" and you'll find references to the Golden Girls TV show and discussions about two significant issues older people face: the high cost of housing and loneliness.For younger people, we call this "house hacking," where someone buys a house and takes in roommates to help cover the costs.

Don’t forget monthly electric costs to keep the recirculating pump on, and water costs to maintain proper water level.

For budgeting purposes, the easiest thing to do is assume it needs all new plumbing and add another 3-5k to your rehab costs, if you want to make an offer on the property.

On paper I'm ready - I have the money, I've done the research, I have well-defined property/neighborhood criteriaI, I have an agent, contractor, property manager, lender, etc.I'm targeting off market deals with light value add potential in an area with high appreciation potential.

Those markets dealing with 10+ caps are usually pretty rough areas and you get needy tenants, higher Vacancy, higher maintenance costs and turnover expenses. 

This thorough investigation helps identify potential red flags and ensures that the sponsor has the resources and expertise to execute the project successfully.Financial AnalysisExamine the sponsor's financial statements, funding sources, and capital structure to evaluate their financial health and stability.

Then add aduor buy a 2-4 unit that has value acomparable that has value add potential.