@Ray Loveless You can't look at this as a state-wide issue...sure there is revised code...and yes, comparatively the ORC is pretty landlord friendly.

The 50% rule states that approximately 50% of EGI will typically be consumed by operating expenses.While the 50% rule provides a quick estimate, actual expenses can vary widely depending on the property type, location, age, condition, tenant mix, and market conditions.Here's an example: if a property generates $200,000 in EGI per year, the 50% rule suggests $100,000 would go towards operating expenses like taxes, insurance, utilities, and property management.

@Johnny McKeon that seems incredible high!

It's incredibly convenient location to Santa Monica beaches and the mountains, Beverly Hills, Culver City and Silicon Beach.

So, I don't think comparable sales of properties that can be built on would be very useful and non-buildable lots are likely to be all over the map depending on a wide range of factors making each of them unsuitable for building.

This network is incredibly insightful!

I have a coworker who's a real estate agent in Fort Meyers, and he's said they've had incredible growth there over the last few years.I'm completely new to real estate investing, but Cape Coral is on the top of my list of places to invest.

All available loopholes, which allowed deregulation of units were, unfortunately, closed by our elected officials, except the substantial rehab strategy, which requires 80% vacancy throughout the building and 75% replacement of all building-wide systems, you are essentially forced to renovate the complete building and still at the mercy of DHCR.. which has the final saying

Most lenders are going to be limited to using the lower of appraiser's opinion of market rent or the actual in place lease (or in some cases 110% of market if lease is greater) so it sounds like you just need to roll the dice on a new appraisal but I'd recommend having some rent comps on hand for the appraiser up front just to avoid the same issue.  75% cash out pending positive DSCR is widely available at most DSCR lenders. 

There are many parts of Philly that have undergone incredible transitions.