If you're not familiar with the life cycle of a probate case it may be worthwhile to go to your local probate court anyway just to observe and look at a few case files.

A new water heater is short money and any educated buyer is likely to want this replaced if the water heater is near the end of its life cycle.

You can trap them but you need to do it for their entire life cycle.

In Rich Dad Poor Dad lingo, my current "profession" is developing energy efficiency and reliability opportunities in Chrysler manufacturing facilities, lowering manufacturing facility/process life cycle costs.

Big time investors care a lot about CoC returns because many of them have to purchase properties that provide a preferred return to investors throughout the life cycle of the investment.  

Never lower your CAPEX because they go off a predictable lifecycle.

Once you get a ball rolling of equity, debt and cash flow you can have properties in various life cycles.

You can utilize an architect for this, but as I say in my Lifecycle post, you should learn this for yourself ultimately. 

I think you can try to time your real estate investing with your life cycle some... 

The significance of valuations depends on what stage a deal is in its investment lifecycle.