By looking at what other raw land has sold for and compare that with the cost of removing the structure from the property should help inform your decision.

Let’s connect and compare notes!

Fresno could be  good option for a bit higher cap rates, possibly some of the areas deeper in San Bernardino County (Victorville, Hesperia etc), or the Riverside area (one you get an hour or so out of LA county, going towards Coachella area.However, if what you want is cash flow, as opposed to appreciation, CA is not the place to look, as compared to out of state.

I like St Louis as property prices initially looked inexpensive when compared against rents in the area. 

Rentometer is showing $2600 median but the comps do not seem...... comparable.

A quad will cost more per door that anything larger in a comparable area.  

Appraiser said because it was not valued on the income it was producing as it was not a commercial property and more off comparable sales in the area.Is there is a way to find/estimate the ARV somewhat accurately for these types of properties?

I want to make sure the GP is fairly compensated but not pulling too much cash out of the deal as compared with other deals you guys and gals have seen.The GP has already entered into contract to purchase.

How do you compare Syracuse vs Chicago?

It makes deals more difficult if you're comparing them to what things looked like 1 or 2 years ago.