The properties were easily worth the purchase price, and ended coming in around 1.44 Million.

When I approached the same major bank currently handling my mortgage, they told me I'd easily be approved for a 150k loan, cutting my monthly payment in half, and locking me in a 15 year rate of 2.8- 2.9% instead of my current terrible 5.5% rate.

And with your projected low rent that is most likely the case.You will find it challenging to meet the 1% rule in Cali and some of the other criteria that many investors use for evaluation of a property.

Southern side of Cape Coral is easily seeing most lots in the $50,000+ range, whereas the Northern side could still be as low as $8,000

Please help me evaluate this Self Storage facility.

@Sing Ho my favorite is to buy under market value with cash (because the seller or property has a loan problem) then brrrr,  I can 5x-20x my improvement cost to value added pretty easily.

If you're not able to get multifamily, I'd suggest a single-family home that has a mother-in-law suite or something that you could easily create a separate entrance. 

The property has an office that is currently attached to the 2 bedroom 2 bathroom unit that can easily be "walled off" so I plan to separate it (drywall) as a stand alone office.  

Electric can easily be metered separate and water can have a sub meter by your plumber (which would require the effort of someone reading that meter each month on behalf of the owner to bill the tenant back.

The borrower is extremely unlikely see see this change because pricing is still based on the lowest mid-score.I've found that people get easily confused by this because most folks don't know what an AUS is