Of course, you need to read BP's terms in regards to ownership of information posted on BP and copyright rules.No big head on my shoulders!

i apologize if i jump around since there's so much running in my head.

As you said, since it is a value add, increasing the rent up to market would increase the NOI (and consequently the ROI and CAP Rate) substantially. 

Don't get in over your heads by taking on a property that you can't fix up....

I want to know if the area I'll be heading to in NJ has any new developments planned or maybe even in progress.

The plan is to become SMEs in the Saint Paul market by building out a substantial portfolio here before moving on from this area. 

I truly believe you are headed in the right direction by writing a post like this and humbly asking for feedback and help.Abel

Hi Ryan,Just off the top of my head, here are some of my thoughts.Look carefully at the zoning and see if there are other possible uses allowed for it's zoning type (and see if the zoning conforms currently).Such as Med/Dental (prob require an elevator), or whatever besides just office space (is the living space unit non-conforming--is it Grandfathered in, what triggers the end of the Grandfather, has that happened, will a sale make that happen (???)

I do still live with my mother and went to a trade school so I have no debt currently, and living with her has helped me substantially save up.

If we are heading into winter I prefer to do like a one and half year lease to line up the end of the lease with the warmer months.