Where I sit in a landlord friendly up and coming red state, the price of real estate has gone absolutely crazy.

That's a recipe for disaster.I would look for tertiary markets where there are few, if any, major storage players (Public Storage, Extra Space, CubeSmart, etc.), where there is population growth but not too much (too much will draw the aforementioned big players), where they is high demand for storage, indicated by facilities that are occupied and raising rates, and where you feel you could come in and improve an existing facility that isn't being operated professionally or to it's maximum potential (room to build).Or, just invest in one or two via a syndication.

I second @Adam Tafel, the Mpls market is red hot and sky high, no logic in waiting as there is a lot more negative potentials in future than positive.

If you can provide all of the property expenses, I can help you analyze the property.One red flag to me is the numbers on the cafe.

A couple hazards I always suggest to new players in the market:1) Know closing costs as @Zachary Paul said above.

Red: it is important to get down to the bottom of this because utility costs can be killers, especially in Packer country and points north. 

Some big players are building entire communities for themselves, while smaller players are doing build to rent on individual single & multi family units, both to keep and to sell direct to investors (taking pre construction deposits when they can). 

Right now my underwriting puts you in the red. 

@Chloe Montaron Always request an inspection and really look at the home, some times we get wrapped up in the moment and miss red flags. 

FHA has more inspections, paper work and red tape