If one looked to me they'd find many MANY evolutions, adaptations, shift's of strategy actions. 

They won't be limited to buying at 65% or 70% ARV.Always look for opportunities and be prepared to adapt to changing circumstances.

Charles Darwin said that it's not the strongest or the smartest of the animals that survive but those who are fastest to adapt to their changing environments.

And not tied directly to one particular market and that allowed it to adapt with the market.

The mountains are a bit different but you can adapt.

For example, there is this deal available to invest in the adaptive reuse of a historic property:  https://app.crowdstreet.com/properties/kex-mp/Target investor IRR is 20.1% but these numbers are optimistic projections, right?

This is an excellent tale of adaptability, perseverance, creativity.

In general, the adjusted tax basis of a primary residence is the purchase price of the home plus amounts spent for capital improvements that have added value to the property, prolonged its life, or adapted it for a new use.

Inspiring story of adapting and overcoming. 

I lived in New Mexico for a number of years and can appreciate your sentiments—I love adobe homes but it’s easy to overdose on them in communities where the prevailing aesthetics (and zoning) lead even McDonalds and Wal-Mart to adapt and appropriate the style (but, at the very least, these are still major improvements over their traditional facades).