Second risk is revenue based (i.e. declining rents). 

There is no getting around the 3 year occupancy requirement, but having 50% equity or more (assuming prices don't decline) after 3 years is pretty good.

The latest is that we did receive word today that the buyer received final decline letter from the mortgage bank.

BUT all real estate is effected by local factors; the biggest being population growth or decline, job growth or decline.  

If he declines it is what it is but it definitely a relief for me to have taken this much action.

It appears to be getting closely managed, but still I wonder how you add 500,000 residents when the reservoirs are declining. 

Class of neighborhood, population growth or decline locally, job growth or decline locally, amount of new construction, percentage if home ownership but having watched rents since the late 80s on my parents houses and having my own properties for a decade or so I haven't ever seen significant declines in rent I have seen rent stagnation and rent growth but never any real drops out side of a couple areas where neighborhoods declined greatly.

Rental cost per square foot would still decline, but these things are simply not what they use to be and never will be again. 

You are missing my first 3 questions I always wanted answered before I even start looking at A house.1.Is the city/community population growing or declining?

A lot of vacant properties can indicate a declining area.