I have lived here for over 30 years and am a licensed broker here, as well as having all of my rentals here in town, and would consider myself an expert on this market.Don't listen to anyone lumping JC in with Watauga Lake or Roan Mountain.

For commercial buildings, be very specific - price range, $/door max, unit count, unit mix, part of town.

What do you suggest when there are little to no tenants in this area of town that meet this criteria?

So, consider the source when receiving advice from out of town contributors. 

So, those become the local "Command & Control" centers.

Down town is really vibrant. 

Also, check if they have skin in the game (their own money invested), as it shows they’re confident in the deal and aligned with your interests.If you’re considering alternatives, REITs are fantastic for super-passive investors who want steady, low-effort returns—usually about 2 points above a savings account—but you lose tax benefits and control.

Take back your control of the property; the tenant doesn't get to dictate terms.

If you've already reached that end - ie if $4 million is enough principal to create residual income that you won't outlive - then I don't see any good reason to be buying out-of-town properties that then have to be managed properly to preserve your investment. 

(I recently saw an article in Forbes talking about the Bay Area’s shifting market) And if you aim to hold properties long term, keep your eyes on towns around the Bay that have had consistent rent growth.Here in my home market of Phoenix, I see investors branching out to places like Austin, Chicago, and even Omaha from what Ive heard because they recognize how trends can shift quickly.