And 36 Other Key Financial Measures" by Frank Gallinelli so that you're more comfortable analyzing and comparing the types of metrics that are relevant for the asset class you are pursuing. 

I am on the other side of the country, but as an insurance agent I know every area and market has certain risks they need to measure to ensure you get the most accurate coverage and rates.

Don't be discouraged and keep testing and measuring your responses.

The appraisal had 1531 sq ft listed (this included a detailed listing of how it was calculated with all the measurements).  

Your real estate investment net worth divided by passive income is a more accurate measure IMO.I enjoy tracking this stuff though and have both a net worth spreadsheet and a risk spreadsheet that tracks my portfolio's cash profit, LTV and risk if rents should drop.

Wealth isn't measured in dollars it is measured in time.

Because unfortunately it has become a term that has become adopted by so many and the standard for measuring the return on a cash purchase.

What measures do you employ to mitigate unforeseen costly repairs, who do you include in your must come and inspect list (fire Marshall, roofer, architect, plumber, etc)? 

It wouldn't make sense in a house like this unless you were gutting it imo though Not sure why this would have been directed to me - I suggested he submeter due to his earlier post stating that he could not do that until the lease was up; the lease probably says landlord pays water, but that does not limit the landlord from measuring consumption by submetering - it just means that he can't present a water bill to the tenant.

This way you'll be able to measure if your equity is work for you or not or if you'd be better off doing something else with it.