Sorry...this subject always strikes a nerve with me as a person born and raised in Seattle and witness to the decades of decay in its politics. 

Budgeting Wisdom: Any pearls of wisdom on balancing a striking renovation with practical budgeting?

Population isn't always an indication, but it's for sure one of the filters I use when identifying a market, and will typically strike my interest if I see numbers that are super bad, or super good - leading to my desire to do more research on a specific market.

Don’t expect lightning to strike twice.

"The idea of striking it rich in Alaska led over 100,000 people from all walks of life to abandon their homes and embark on an extended, life-threatening journey across treacherous, icy valleys and harrowing rocky terrain.Less than half of those who started the trek to the Yukon arrived; those who got there safely stood little chance of finding gold.

No wonder he is threatening you with a rent strike, even though it's his neighbor that is breaking the law (leash, at least). 

Those with 10-22 expiration CALLs with 90 strike price should be pissed. 

This realization has led me to reevaluate my approach and seek strategies to strike a balance between attracting guests and maintaining a competitive edge in the market. 

With time you can graduate up your capabilities, to move-up in the world, keep more of what your earn and, someday, strike out on your own or, make your own team. 

For us this strikes the right balance of being duly compensated for finding our investors deals, but making sure our commission never costs our investors a single deal.