In the following screen Vacancy and other Landlord expenses are being multiplied by 12 instead indicating the tool really meant to provide a monthly cost rather than cost divided by 10.

What are some good indicators of potential investments in storage facilities other than the obvious (unit mix, sale price, rents, NOI, Cap rate, etc.)

It doesn't seem to matter if there is yellow or red across a major nearby street, all that matters is if the street where the property is located is green...it has proven to be the number one indicator for buying a drama free property!!

In your case there are a lot of red flags that indicate they have every intention of taking over your property as their own and you will have no end of problems controlling anything they do.I would strongly advise you either reject these applicants or tell them to rub salt on any suggested changes to the lease.

Level 1 research was described as gathering market indicators through current events.

Looking at the time on the market for these types of agreements should be an indicator.  

Rent-o-meter indicates that an average 2br would fetch $1900 and a 3br would get $2600.  

Still, 120k ARV indicates a house that is probably around 1800 sq ft with a lower end finish, and a 28k rehab budget is small.

Research has indicated that FICO Scores are more predictive when they treat loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way.

You do not indicate if you are looking at wholesaling, flipping, buy n hold, house hacking, etc.