Only a total catastrophe should lose you money.

Some of that cost is also absorbed into my CapExI'm pretty sure these are all worst case numbers so at the current stage of negotiations, if I accepted, I am going to at least break even, barring no catastrophes. 

I agree that tech problems here will create real estate problems, but there's no way of predicting what could be catastrophic enough to shake the big companies or when it might happen IMO. 

So you like the play if you have more capital for repairs if there's a catastrophic CAPEx situation?  

As long as the asset is still generating income and no catastrophic financial injury has occurred, then renewals is an easy process, with my bank that is.

I would call that middle class at least, and that's assuming 0% interest on that initial $3.5M.So, you're ***-u-me-ing perfect health, no injuries / accidents, no natural catastrophes (hurricanes / cyclones, wild fires, volcanic eruptions, ... at least two of which are common in HI), vehicles which last forever and never need to be replaced, destruction-proof housing and furnishings, ...... and if you CAN live that lifestyle in HI on $100K / yr (most people can't in ANY state), why are you not teaching personal finance at the university level? 

Class action lawsuits, and regulatory action are usually catastrophic to those of smaller size.   

It can be catastrophic for homeowners, it can also be catastrophic for investors and operators.

A guard is a trained professional who also has a responsibility to detect and report catastrophes such as fire, explosions or riots.

I'd hope most landlords could self-insure through repairs not caused by a catastrophic event...which, if that's the case, is what property insurance is for.