My buddy has done two older school buildings and fills them up.  

The ARV for the property or the rental rates once done if you plan to keep the property.

If I go to rent it out at some point that's a negative cash flow of nearly $1400 assuming rents and rates stay the same.

There is a higher turnover rate and vacancy rate there, But just analyze your deals like you would anywhere else.

Pre-Housing Crises (pre-2008) interest rates for investment properties were 6.5%-7%.

I refinanced to a mid 2% rate a few years ago and did not want to do a cash out refi.

What if you can't refinance due to appraisal, market conditions (interest rates, outside "black swan events" like COVID, etc.). 

@Jennifer Ross, I live in Niceville it is safe and has the best schools in the area.

Census data - median household income, employment stats, bachelors degree percentages, crime, vacancy rates, appreciation2.

Most of mine have infinite ROI, but I have 3 that for various reasons were not  refinanced to extract my investment (one had no value add, the other 2 have not been refinanced to extract the over $1m value increase due to rate increases).