The more energy efficient the shell is, the lower the cost of energy, which is highly marketable. 

So, an honest appraiser won't value it based just on the high level numbers you are looking at.

I frequently see investors get rigid and want too high a cap rate with the starting 45 day ID period for 1031 then at last second they panic and have to get in something.

Even if you do a cash out refi, you still need to pay off the initial loan, and then will not have enough money to pay all cash on the next and so on when prices are at a high premium.   

Real estate has high transaction costs.

For other folks, here are some other entities that would, if you sold the property to, have negative tax consequences: YouYour spouseAny of your lineal ascendants or descendants (parents, children, grandchildren, and the spouses of children, grandchildren, — including legally adopted children)Any investment providers or fiduciaries of the IRAAny entity (like a corporation, LLC, or trust) where a disqualified person owns more than 50%Any entity (like previously listed) where the IRA account-holder is an officer, director, a 10% or more shareholder, or a highly compensated employee

I would run numbers with pretty high interest rates if you want more cash out than 70-75% like @Brie Schmidt mentioned.

Alameda County has high property taxes and there are 25 special assessments on Oakland property tax bills. 

I wouldn't do it unless your market is highly competitive and it is necessary for getting applicants.I have my tenants handle their own utilities for a couple of reasons:1.

I started looking for rental properties but was quickly discouraged at the super high prices of everything in my area.