Even more often the landlord is in a better position to modernize the building as the departing tenant is forced to pay the landlord for the damaged building and tenant improvements that would have had to been replaced anyways.Also, they are the people printing the money after all.

Just toured a place yesterday that has potential to be a good investment for my first rental property:$119,900 list price3bd/1baWould rent for $1400Cash flow $450CoC Return: 14.5%Its all been updated, looks pretty modern, would be ready to rent with little work.  

Since people are creatures of habit, are tied down by work commitments, or family and society pressure to buy, those feeling the itch to buy in their loins are going to do so regardless of market timing.

It is not a question of ethics and morals, these are merely constructs created by one form of society that will be different in another form of society.

On first look, the plumbing looked modern and good (no idea on sewer). 

That's one of the bad sides of the "instant information" society we live in.

Furthermore, old houses "breathe" more so than modern homes. 

“But one of the smartest strategies of the world class is doing what they love and finding a way to get paid for it.”On the other hand, middle class take jobs they don’t enjoy “because they need the money and they’ve been trained in school and conditioned by society to live in a linear thinking world that equates earning money with physical or mental effort.”I would have taken the risk and started my own business like I considered after college instead of taking the first job offer that came along.

Every time I see or hear the word "FLEX" involved with a commercial property it seems like it's an obsolete building that's laid out all wrong on the property, that was specifically built to manufacture something like steam powered typewriters.It will have low ceilings, loading docks unable to accommodate modern tractor trailers, and two phase electric.Even if the building is modern, It'll be built for some kind of business that was put out by some kind of big box retailer.

Not so much in today's entitlement society as more people claim victimization by prediatory lending, etc.