Sure, a big IRR is sexy and we can use it in our marketing, but you have to balance that with the equity multiple, other potential investments (or lack thereof), where you're at in the market cycle, and your investor's risk appetite (which changes throughout the project life-cycle, with the market).   

@Steven Ko is spot on - It just depends on where the investor is in their life cycle and what the numbers look like.1.

Nice article.I agree that these old trashy homes in the inner cities would be best to tear them down than to have crime and vagrants in the properties.These homes are at the end of their life cycle and repairs needed to improve them the values will never recover to cover the cost.Better buildings new projects to revatilize the areas.

Tony -Wikipedia has a pretty good writeup of the software release life cycle, which spells out how Alpha, Beta, etc. works as far as software is concerned.When we emerge out of our Beta mode, we will do so with the confidence that all major bugs have been righted, and that the platform is stable.

So there goes part of the golden parachute at retirement.I think Jason nailed it by breaking down the different stages of your life (or the business life cycle) as to the needs.

There is a product lifecycle for software, you should stay in contact with your developer, and they should never disappear off the face of the earth once your site is hosted.

I believe society is at fault for excepting lower quality, poorly engineered products from China and other countries knowing this products life cycle has been noticeably reduced compared to an average American made product.

(This may be more Florida specific as the A\C will become inefficient when coils are dirty, run more often, possibly decrease the (life cycle) of the A\C, and cause algae or dirt to clog the drain line.The A\C in condo's in Florida is located over the water heater frequently, once water backs up and drips down it will short out and due to liability risks cause you to replace the water heater.)Jeremy,  Private message me your email and I will send you some RE contracts with private/personal info omitted. 

I'd cull the heard, by establishing a life cycle of each property and make sure it's at it's highest and best use.

Just as a every product as its own product life cycle : Innovation stage / Growth stage / Maturity stage / Decline, every city below is at different stages in its life cycle.