My expense numbers are a little fluffed for added safety.  

Your wife should be familiar with medical compliance issues and that such appropriate measures are contained in any lease.Seller financing doesn't add value to the property, if this is short term financing look to the loan to value required for any future loan and ensure the equity is there from your amortization schedule or you may have to cough up cash.

Hi Michelle, I come across off-market properties in Pinellas somewhat regularly -- especially in Clearwater, Dunedin, and Safety Harbor.

Once you have done a deal or two you will be much more proficient and can cut back a little on your safety padding.Hope this helps,Allen Fletcher

@Joshua Metherd Hard to answer, don't think CAP rates are the best measure, but in a small town like that I personally would think 45k a door for 595 rent is not that spectacular of a deal unless it really is the most desirable product/location in the area and has been darn near 100% updated.For what it's worth my appraiser on my 5+ unit deals in this area recently used a 10% as the CAP rate comp, but none of my product has been newer per say.Off the top of my head my guess would be $425,000 but that's a guess, too many variables.  

It's "security" meant in the financial sense, not as in "safety"."

I'm a safety nerd, you may roll your eyes at that suggestion.... :)It readily mixes with water so if present it will immediately lose strength. 

Thanks @Robert.The #1 is sensical, now that you put it out there ....The BEAUTIFUL point you made is #2, how does one measure that? 

It is about knowing the appreciation rate for your market and property type.Also, I think the best measure is value not time.

You are responsible for the safety and health issues in your building, and hoarding and odors like you describe are health issues (think rats) for the entire building.