For paint, I measure based on livable sq/ft, many painters price per paintable surface sq/ft. 

Its an out of state deal so I will be putting eyes on it soon (and tape measure).

Of all the rules of thumb, this has to be one of the worst and it is not accurate at all as amount of debt leverage is not included so no way to measure anything.Lets assume no leverage, $2500 monthly net cash flow is $30k a year on $1M invested is a measly 3% return.

Yield in any asset class is a measure of the markets view of the risk in the asset.

My preferred metric is CAGR (Compound Annualized Gross Return), to measure returns, and cashflow, to measure how much of those returns are liquid. 

I will bet the attic rooms are not included.I would also encourage you to check the square footage, including what numbers the wholesaler has provided, what the property appraiser numbers are and then measure yourself with a tape measure.

@Peter Kopchik  Unfortunately, once the lawsuit is filed, any measures to move assets are looked upon unfavorably by the courts. 

...what Mathew said much more eloquently than I said.I'd add as a measure of caution...talk to the BK attorney prior to entering into the contract, not just prior to closing, as you may be sued for performance or at least liquidated damages if the buyer went into contract with you in good faith and you ended up having to back out.

Lowes will be at least 3 weeks with their pre-measure, order the carpet, then schedule the installation process. 

In construction we have a saying "measure twice, cut once" it works for investing too.