Remember you have to pay for everything, including but not limited to: HOA/CC&RsProperty Taxes/InsuranceAll UtilitiesCable/InternetFFE (Furnishing, Fixtures and Equipment)Property ManagmentBooking/Payments SystemsEtc...Apologies if this is redundant info for you but most of the time once you plug in the numbers (especially HOAs) you will start to get a much clearer picture on actual return possibilities.  

I feel much more equipped moving forward than I did an hour ago.

Does the operator own their equipment inside the space or is it a bunch of UCC liens with loans on it?

But Bob knows it will cost him about $100,000 to get the property up and running just like his identical property.

That seems like a lot of trouble and expense to hide your identity from a tenant.

As a verteran fire fighter comparing myself with fully equipped and trained team of experienced professionals - he had to laugh.Now here is the other side.

Your numbers are almost identical to an active listing on LoopNet in that area, so I assume it's the same building you're talking about. 

One of the major reasons I never wanted to invest out of state is because, well for one I like the idea of investing in my "backyard" but two, so many markets are street by street and identical properties A and B with identical cash flow can have such major differences in IRR over the long term.

@Chai Xiong  My wife and I are purchasing a house in Kissimmee and in a nearly identical situation as your original post.

I use MassSave and the Heat Loan program to insulate and if needed upgrade heating equipment.