The focus of government policy (regardless of how local) should be on addressing fundamental friction.

If you buy in at a good cost basis with solid fundamentals, you're going to come out ahead in the long term.

I was not in the industry at the time, so I am not exactly sure who that 3rd party was, but I would say there is recourse if the appraisal is fundamentally flawed.

Also I want to add few things.Structuracally there's fundamental very wrong in PRIVATE EQUITY/PRIVATE INVESTMENTS in CRE ( well almost in anything):- From realized investment, track record even the sophisticated operator is questinable, you can't just keep selling 5.2 cap to 4.8 cap and expect this to be continued, it is just impossible- Multifamily syndication CANT survive if financing aspect is only 5 year baloon, it has to be 10-12 years at least.

Are employers moving in, is the population growing, is the average household income high, does it have good market fundamentals?

These neighborhoods have had favorable zoning for a number of years and development usually follows the path of least resistance.Keep in mind prohibitive zoning is a leading barrier of entry and is usually why neighborhoods lack new supply even when the underlying fundamentals and demand are strong. 

I'm a web developer/ real estate investor and I just started playing with Dapps, is anyone else working on similar application?

So be careful and make sure you interview the Expediter and that they have had success in obtaining the Letter of No Objection.As far as evidence that you need to gather, look up your buildings TAX Class.You will find it here: Building Information SearchHere you will see something that looks like this:NOTE that while this is a Dept of Buildings Web Portal, what I have circled in RED is the Department of FINANCE Building Classification.You may not have a CofO, but the Dept of Finance maybe taxing you as a 2 Family.

Based on the knowledge I have of the neighborhoods fundamentals and trajectory, will the most likely buyer still be an investor 5 years from now?

All I am asking is a reference to a bank that has a good web site that will allow me to do all my online transactions and be easy to work with.