Its safe to say that the social stigma that marijuana is harmful is going away.Still, it still has the perception of attracting a bad bunch of people and still operates as a cash business.

Typically and underwriter will have an issue when someone makes a move from a a duplex to a triplex or a SFR to a multi as the perception is that you are doing it for investment purposes and thus the motivation does not jive with what FHA is used for. 

I tell PotentIal tenants it’s usually quiet unless of coarse a gun goes off In a drIve by or the police are arresting someone with their sirens on .i also tell them it’s just a short walk down down the lItter lIned street to our frIendly liquor store and there’s a charmIng little ma and pa corner store that sells cigarettes ,rolling papers, and lotto tickets - all the essentials.

It is 100% about perception.

You are spot on with your perception of California.

Sometimes there are some tiny details in perception, which you could get only personally connecting with people who enter the property. 

Again, I was able to capitalize on the overall perception of investment properties at that time.

., that was meaningful to hear.And thank you to @Luka Milicevic , it is sobering to hear the general reaction about perception of value. 

I called 911 immediately and said I had an unresponsive person in a bed.  30 seconds later we hear sirens. 

your right it is a matter of personal feeling and perception.