Larry, very interesting post since this is almost identical to what I'm considering doing.

The note should not address these issues as it would likely duplicate the issues and if not identically addressed, could cause confusion as to any right to cure.

Luckily here in Vegas houses are almost identical so comps are easy.

If another tenant with the same concept can come in that can usually save tenant improvements dollars landlord might have to pay because concept is almost identical.

I want the principal and interest to be identical with the same payoff date.  

Uses and density are identical to their companion districts.

You could have 2 properties next to each other that appear identical but one was built by a luxury home builder and the other by a crappy builder, and that could be a huge change in value.

(My apartments average over $50/unit over my neighbor's identical units!

I recently inquired about a property that had identical sold comps (likely built at the same time by the same developer in the 1970s) within half a mile in much better condition.

It is difficult for a condo to appreciate as an LTR and even more so as an STR when there are hundreds of other identical units and you have limited control over the property in order to force appreciation in terms of paint, renovations, adding a pool, adding pulll-up bars, adding a mini golf, etc.