That being said, there are definitely cycles, but they happen in more like 5-15 year spans and severity varies greatly.

A good way to lengthen the life span is to use 40 or 60 watt LED bulbsOld radiators will leak, especially with steam.

These big companies that span multiple markets might be at as much of a disadvantage as you are since they are not located near the property either.

The question is should we wait until the perfect deal comes along (potentially taking a long time) or find a good deal in a much shorter time span. 

LOLPeople want service folks and a relationship over a span of time. 

You would be converting this to a 2nd building/home on the same lot (unless home spans more than one lot).

Additionally, I don't think we will see rental rates decrease 65% in any 2 month span as Bitcoin has just done.. 

If you are worth 1,000,0000, make 300,000 annually from your business or job, and have a 50,000 annual high risk fund as part of your overall portfolio strategy then the investment if you lost all of the 7,000 it might be regenerated through other cash flow investments in a span of 30 days time.

There is typically a five year time span on carpet, so move on and do your replacement!

I found a spreadsheet on BP that lists out all the items in CapEx and their typical life spans, like roofs, exterior paint, refrigerators, stoves, etc.