how do you analyze commercial deal, old house in commercial land?

[Alejandro Silva]

Hey folks,

I have couple questions: I'm new on this and during my initial marketing I found a house (built in 1952, 1196 total sqft, 3b/1b, lot 0.34 acres) in distress (it needs to be rehabbed, new roof, new windows, a couple of foundation problems and right now it is empty), this used to be a house but now the land is ruled as commercial, it is on a busy street in front of a little gas station, and few houses from the same block have started to be used as commercial.

My questions are, how do you start analyzing a deal like this, where an old house is sitting on a commercial land?, how do you run the comps for this situation? where could I search for how much it could be rented (in case, the house is rehabbed as is and try to rent it as little office), or what would you analyze to consider remodeling to create two retail spaces?

hopefully somebody could point me to the right direction, thanks for your help, regards,