Reduction in movement from California might be other reason too for some markets. 

I did try to buy a property that had a perpetual easement for a billboard, and researched the easement issue in that context. 

How does this work if the tenant perpetually paid late, but never paid the late fees?

Most C20's still perpetuate the arcane tribal formula of 1ton per 500sq ft.

Note: IUL returns are based on the movement of an underlying stock index.

@Scott Mac A big change was the community mental health movement starting in the late 90s and the closing of state hospitals.

If these are long term tenants, does it mean I will lose my ability to increase rent beyond the cap for perpetuity?

Is $82k worth a hassle-free, risk-free (opportunity cost aside) and tax-free perpetual $1000/mo return?

There are a couple issues that come up from time to time with connectivity on the zwave products, but it works very well when connectivity isn't an issue.Also, as Ken mentioned, paying $100 upfront for the software is way better than pay $10/lock in perpetuity for typical SAAS solutions. 

There is also a big landlord movement to make that side student housing.