As I’m nearing retirement, I just invested a similar amount in first trust deeds secured by real estate at 9.75%.

We recently did a loan involving a borrower with a mind-numbing operating agreement involving nested LLCs, retirement plans, and individuals. 

With the boomers retiring there are much more opportunities in biz than in RE right now.

When managing the "security" this mortgage is a part of they probably have a strategy for how to manage that is based on keeping a stable known risk for the security.

I also have about $200k invested in the stock market (not retirement account).I’m looking to buy my next investment property to grow my portfolio.

I won't be investing in the riskiest/most supportable asset subclasses such as hotels, and tilt my portfolio the ones that have historically been more stable such as multifamily and single-family housing.

Most people that toured it were retired couples.  

I should have looked into doing this 4 years ago, I'd be retired by now.

Maximal cash flow is crucial to me to provide a stable springboard for further investment.

And of course the appreciation can come a few ways if rents really rocket up.. but most rents in low value assets stay pretty stable and or there is major re gentrification like we experienced in Charleston SC .