I guess it's like apples risk vs. oranges risk: recently-built apartment complexes are apples and involve risk (the construction defects, the stress Class A experiences during an economic downturn, etc.) and value-add/renovation type business plans involve oranges risk: you won't probably see any construction defects, but you have more vulnerability that the renovation plan + improved operations plan + repositioning will not work as optimally as originally hoped. 

I don't like businesses that are vulnerable to Amazon.

I recently purchased a small lake house in IL, which is sort of vulnerable to winter temps (= very lightly insulated crawl space where all plumbing is located).

Inspections and other legal protections insure that vulnerable people (tenants) are not taken advantage of. 

If the neighborhood were renovated and rented at high prices, it would push those most vulnerable out, needing to find a new home.

If it was where I live, I would be less vulnerable, but we have to start somewhere. 

Good hard working tenants that have stable employment. i wouldn't get into a deal where the tenants are in a vulnerable industry unless their leases were coming up soon and I could non renew.  

City of Berkeley and state lockdowns have made Berkeley among the most vulnerable in the US to large new spikes. 

Here is an excerpt from your state AG's office:Facing Mortgage Foreclosure | The Office of Attorney General Keith Ellison /**/Beware of ScamsUnfortunately, scam artists often attempt to take advantage of people in vulnerable financial situations such as default or foreclosure.

As a former social worker, I am becoming very aware that as landlords and property managers we are becoming the first line of defense to protect vulnerable tenants.