From a sellers prospective, You will attract every newbie wholesaler in existence.  

While we were grossing millions, my net was pitiful.

If you're talking minor cosmetics then likely it's not a big deal and maybe you will see some increase in monthly rent or at the very least, you will be able to attract a higher quality tenant.

Right now we are doing gut jobs and new construction form ARV of 500k to 1.5 million. 

It is sad when you see business places for rent that are on the border neighborhoods of million dollar homes, and they are not being rented, and have been sitting for rent for well over a year or two.  

hey this sucks, I have too much formal education" Maybe they felt it..Ron Popeil, pocket fisherman, set it and forget it oven guy, he wrote a book - paraphrasing now...he made 100s of millions, and said that he would have made billions had he had a formal business education. 

@Micah Copeland Absolutely would go for a higher cap rate in a more difficult area.  1/1 and 2/1 are also likely to attract a shorter term tenant than larger units so keep turnover in mind.  

I recently founded New England Housing Partners and my investors and I are looking to purchase a multi-million dollar high rise....

This $2 million fund encourages Ohio businesses to occupy vacant facilities, building stronger communities and supporting small businesses as they work to create jobs.

pls forgive the noob question...i'm sure a million ppl have already thought of this but i'm not seeing this exact question here on the forums.