The trick is to make sure you're factoring the costs of your purchase into your overall transaction.  

This will depend on several factors. 

What are the factors that either encourage Rochester area self storage, or push you to the other states as you mentioned?

Definitely factor the interest payments for the time between acquisition and refi into your calculations. 

It depends on the density target and other factors that the zoning officials evaluate.

@Kevin Moyer One factor that may or may not affect your decision is that the PAR lease is approved by the Pa State Attorney General Office as being "Plain Language" as defined by the Pa.

I need to start researching areas more in-depth though; because I'm still not very knowledgeable of the important factors in evaluating an area.   

J Scott’s book “Recession Proof Real Estate Investing” gives great info on the topic.However, Buy in area of pop growth, job growth, rent growth and high economic job diversity (near major city/economic driver) and an election/recession could be non-factor.

This building is owner paid utilities, which is probably a considerable factor as to why the expenses are so high in the OM.After sharing my thoughts on both buildings, we mulled it over to see where the opportunity lied.

Of course your area may have different cost factors.