-Monthly cashflow/returns (And cashflow after refi)-Current Retail Value-Potential Sale Proceeds  (Don't forget to factor in make ready, realtor fees, and closing costs).If you are cash flowing, then it may be worth keeping and taking out a HELOC or refi. 

The whole amount seems high to me, mainly because its retail pricing most likely.  12 years on a furnace is still REALLY young, honestly inspectors say 15 years but a well maintained furnace can easily go 25 with no issues. 

The areas you mention (and virtually all other retail RE in San Diego) are going to be initially cash flow negative implying you will need to supplement the expenses for a period of time.This does not mean that they are not good investments. 

Anyway, the properties we’re going to be BRRRRs and my property criteria were as listed:General Property Criteria -- Dallas/Fort Worth, TX [Delayed]Single Family Residence (SFR) → 3+ Bed, 2+ BathListing Price- $60k-$175K (Distressed, mostly cosmetic) Location - Decent Schools, High Walk Rating, Retail within 30miles.Repairs - 10% Forced Appreciation in 1st year, 20% of the sales price is rehab budgetExpenses - Aim for <50% of IncomeCash Flow - $300+/MonthEnter: COVID-19.

But when I went to FL, I found their winter season very spotty for retail opportunities...a few busy weeks here, a few there, but not straight season like you get in many places during summer.)Thanks Mark, this is a good reality check.

He is interested in selling, however he spent the last 20 years renovating it himself and wants to sell on mls for retail price.

Let’s say you buy a TK at full retail plus.

Examples of master lease agreement tenants include: storage rentals, short term vacation rentals, and stand alone retail stores( Walgreens,CVS,Dollar General,etc).You should be able to achieve a 10% net return before leverage with short term vacation rentals.Find a manager that is building new properties to minimize exterior maintenance for next 20 years.

My advice: I would take it off the market for a day or two then re-list for $209,000 you fixed it up fresh, have it vacant, ready to sell, give it a chance to sell to a retail buyer, this is the hot time of the season now until September everyone is out looking to buy.

Then you're stuck with a property you paid above retail price for, and you can only lease it at market rate rents.Always always ALWAYS underwrite the property at an annual market rate lease amount.