This includes ensuring the property is safe, habitable, and in good repair.

I had wrapped my head around residential not around commercial, But to me the deal seems amazing - you guys tell me 8000 sq. ft building7 storefronts on an active downtown street (all rented and currently have tenants)34 unit mini storage in back lot (29 units rented - the rest of the unrented are being used by the current owner)Asking price is $798,000 and owner is ok with seller financingAfter sitting with them today the owner who is 83 said he is ok seller financing and verbally agreed to $715,000 and a 4% interest rate, 30 year note, $100,000 down payment, no early payoff penalty - my lender and real estate agent both came back valuing the property as it sits at $840,000Income = Rentals ($5075) Storage Units ($1935) = $7010speaking with the owner he hasn't raised the rent on either the storefronts or mini storages for almost 10 years - looking at comparables in the area we believe we can raise the rent and storage units easily to push the income up to $10,000 a month 4 of the 7 Tenants have been there 5 years plusCost = Including estimated payment, taxes, insurance ect. would come to a monthly of = $4450that would cashflow $2560 a month at its current with the potential after purchase and rent adjustments cashflow $5460 a monthPending an inspection the property looks in good shape with little to none improvements needed at this timeA quick background I have had rentals before on the farm we own, three houses we rented out so I have some experience) My QuestionsIs this a good deal???

That being said, sometimes it's not worth the stress entering a brand new market that you don't know a ton abouthope this helps!

Even if you don't plan to sell, you'll always want to be analyzing all potential exit strategies (including selling). 

This includes 1 off-street parking spot - which is very desirable in South Beach) HOA is $802 and taxes (with no exemptions) are $3192.

I recommend a community bank close to the property, to include credit unions. 

In all, we were able to do a cash-out refinance after 1 year and got our entire investment, including down payment, back into our personal accounts and we still have a cash flowing property.The beauty of smaller town and communities is that often big-time investors are not looking at them as closely and they can cash flow quite well, at the sacrifice of "natural" appreciation.

@Wilson Lau does $400/sq ft includes everything - including foundation?  

I am writing my business plan and I am trying to figure out how I will include in the renovation costs from a percentage of the purchase price, This is if I even have to because of the business type?

. (# and size of offices, bathrooms,doors, windows, floor drains, lights, truck docks).If you make an educated guess you will likely still be tearing out or changing brand new walls and concrete, but if you leave it incomplete it is harder to rent.Plan on some extra expense for those tenant improvements.