Maybe triplex is allowable, maybe not, need to check the present zoning for allowable uses.General observation: Parking lot = low cost/low investment, lower cash flow, less stable source of cash flow, less available buyers for a parking lot (less buyers = less potential value). 

When you observe properties constantly being bid up 10%, 15%, or 20% above asking price by people who think they can pay almost anything for a property and it will still be worth more in a year then that's a tell tale sign of a bubble.

The on-leash dog walkers may in fact walk their dog off leash, and the good parent may in fact be a bad parent, but smoking outside isn't evidence of inside smoking, walking a dog on-leash isn't evidence of off-leash dog walking, and observed good parent behavior isn't evidence of bad parenting.

Their tons to observe here!

You'll notice a lot of the BP who are super successful,have tons of $$ and tons of properties, most I've observed are cut and dry-- what's on the lease, and what's your state law on it?  

When the market shifts to a buyers market, rents will stabilize but rarely go down and if they do go down its very little.I'm no expert that's just my observation.

Interest rates going up will be another factor to observe.

:mrgreen: May not be the right venue, but the right observation...

You already have legitimate reason enough not to rent to him based on your own observations.

I actually do this while the new tenant observes!