The last 15 years has been pretty easy to make money in real estate as prices have continuously grown and cap rates have continued to compress. 

@Evan Polaski makes a great point about it's potential costs like cap ex that may be lurking. 

Also, looking to see what my CAP rate will be to determine value of building after construction is complete, in case I want to sell it shortly after completion.

One caveat: does the 10/1 ARM have any caps on it for both the year over year change and lifetime change in rate?

The cap rate looks to be right around 7% with my cash on cash return around 13-15%  but there is one catch.

Are you allowing for cap-X expenses and repairs?

For instance, how to value a storage facility, management concerns, risk mitigation, current market cap rates, etc.

If the neighborhood is as bad as the purchase price suggests, you need to also include a realistic initial Renovation cost, and even more importantly, a monthly allowance for Maintenance and Cap Ex (say, 10% for each, and the same for Property Management).What's that? 

We want a condo in Florida and we're thinking that even though prices are high, the deferment of the cap gain would offset the price premium. 

Check out some of the forum posts, review a few for features that you like, and try it on for size.