My values are integrity, accountability, and being obsessed.

With the units being only 600 square feet, this $80,000 seems more than adequate.Total Investment: $450,000Monthly Rent: $4,800/month ($600/unit)Monthly Expenses:Vacancy: $144/month (3%)Property Management: $400/month (Plan to self-manage but factoring an allowance here)Maintenance: $400/monthProperty Tax: $300/monthInsurance: $200/monthWater: $400/monthMisc/Other: $200/monthAnnual Net Operating Income: $33,072Total Investment: $450,000Cap Rate: 7.35%Annual Interest Expense: $13,950Annual Profit: $19,122Let me know your thoughts! 

Credit is a huge factor for approval.As for renovation, only if the numbers are there.

Every contract can allocate these items differently.I would also factor in property tax allocation based upon July - June tax year.

So by the time you factor that in the 28k difference probably isn't worth it.

In addition, you will gain an understanding that sales are integral to the prosperity of any business, yourself included. 

Your thought is pretty accurate there are other factors that would come into account like access to plumbing, electric, ease of accessibility for the work. 

While you can force appreciation through rehab, sweat equity, etc, buying at the right price factoring in all of the property's needs will set you on the right path.

Here are some factors to consider:1) How much $$ do you have?

You just may have to factor in a larger vacancy number for the retail spaces.