In order to do it right, you either have to rope an agent into the mix (who has the means with which to do the CMA appropriately) or spend far more than the 15 minutes that I'm expected to spend on analyzing deals every morning. 

@Shelly Shanks For buy and hold the formula is relatively simpleAnnually:(Monthly rent x 12)- property taxes - insurance -property management fees - HOA fees if applicable - budgeted maintenance and repairs- expected vacancy - loan payments.This will give you your annual cash flow. 

This got me thinking about the long term expenses that most houses will need and does the overall ROI seem reasonable.So I googled some info and tried to estimate life expectancy of house appliances, carpet, roof, etc and costs (item + installation), then figured out the monthly cost out.

It doesn't matter than you agreed to pay $90k each...you'd just be expected to bring the difference in cash to closing. 

I only want to flip the land for cash - no seller financing.I am looking for feedback about what is to be expected in this arena. 

Why would a landlord expect to see someone in there, when he knows his tenant is in jail?   

I would expect a payment after every major activity is complete.

Travis may be able to give you a better idea of what to expect especially with something near campus. 

Compare that to money in a market that is expected to have flat population growth for the next 20 years.

I imagine that the legalities are complicated and if the building fails to cash flow at the expected amount or the owner needs to sell and cannot get the assumed equity out of the building then the investor might be unhappy.