The key difference between the two is that IRR requires modeling an exit, and for inexperienced investors, that one major assumption, years in the future, has an outsized impact on IRR, which is less than ideal.

When you see something that might be a fit (and assuming you know what you're capable of taking down and can bid aggressively on), go after it hard. 

The only time my father bought any investments here was during down-cycles (i.e. 2008-2010) which appreciated tremendously but in general new deals here fit his criteria (value-add opportunity, priced appropriately, no appreciate betting).

Does this sound ideal?

The people who get in trouble are the ones who bend on their criteria to make a "deal" work because it's difficult to find something that actually fits their original criteria. 

The house is not in my ideal neighborhood but with the initial numbers it would be worth buying.So more important question is if I want to deal with "average deal" house in this neghborhood compared to "great deal" house as it initially was.I guess I have some thinking to do too. :-)

@Ronald Rohde might be a fit. 

Ideally I would like to just focus on one place but I don't know how to go about that as none of them shine anymore than the other from what I am seeing. 

I currently have a wonderful full time job, however I have been having second thoughts on staying with the company as the job doesn't really match up with my personality and doesn't seem to be the right fit for myself and my goals anymore.

There is sort of a driveway on one side but I don't believe it is wide enough to fit two cars, so the plan was to assign that to one unit.