If you want to talk risk, put down the PE talk for a second and look at commercial real estate, inflation, higher defaults, forever wars, growing china dependence and the economy and tell me that real estate would not be effected equally across the entire board when the house of cards fall, yet dividen stocks (this is a fact) tend to out perform the rest of the market due to hardships not really keeping people from drinking coke and eating at fast food chains.

PV does not have as many mom-and-pop shops as the town went from zero to bursting fairly quickly so it is loaded with big box and chain stores. 

There probably won’t be any unintended consequences like California raising minimum wage for only chain restaurant workers to $20 per hour while all others are $15. 😀  

Furthermore, understanding the resident characteristics allows me to measure the target market and modify my investment strategy accordingly.Inspection ChecklistSituations vary from one property to the next, but here is an on-site inspection checklist to get you started:Interior Units:Inspect vacant units, including one of each finish out type (Classic, Reno, etc.).Check all down units.Inspect one unit from each unit mix.Exteriors:Landscape:Look for overgrown bushes.Identify trees that need trimming (no branches hanging over the roof).Take pictures of the following:Curb appeal on all sides facing the street.Landscape around the office and amenities.Overgrown bushes or trees.Any dead landscape.Areas that may need sod or mulch.Assess drainage:Ensure water flows away from building foundations.Check slope, gutters, downspouts, surface drains, French drains, etc.Exterior Walls:Determine the existing material (wood, vinyl, Hardie, brick, stone).Assess the condition of the walls.Note if painting is required.Take pictures of each building, including building number, each elevation (clockwise), and any breezeways or niches.Windows:Evaluate the condition of existing windows.Consider whether solar screens should be installed.Roof:Identify the type of roof.Assess its condition and age.Parking Lot:Check for potholes.Assess the need for restriping.Note whether the parking lot is concrete or asphalt.Evaluate drainage issues.Walkway:Look for tripping hazards.Assess drainage issues.Foundation/Gutters:Inspect for cracks in the brick.Check for separation in corners from fascia and trim boards.Evaluate drainage and identify poor drainage areas.Amenities:Identify possible improvements.Consider adjustments or additions that can enhance amenities.Talk to the Staff:Maintenance: Inquire about the physical condition.Office: Discuss current residents, delinquency, and potential changes to add value.Assess whether rents are too high or too low.Confirm rents and what is included/not included.Confirm other sources of income and associated charges.Confirm occupancy, pre-release, and vacancy numbers.Note: Maintain professionalism and avoid insulting the owner or broker, regardless of the property's condition.Keep in mind that investing in real estate is like solving a puzzle—you need all the pieces to see the big picture.

Nope says the driver with a lock and chain in is hand.

We sanded them , then beat on them with a chain , hammer and took a propane torch to areas , put on a clear coat and they turned out great , with a distressed look . 

There is no FHA 3.5% down on an apartment building or a shopping enter, there's lots of gov't incentives for "everyone to own a home" and since 1-4 units residential are all considered "single family" homes that means young investors get to ride that gravy chain for up to 4 units, but nothing like that exists for CRE (the gov't backed CRE mortgage options require MORE experience than traditional/vanilla commercial mortgages).Let me know if I can help.

Quote from @David Freed:You could also look at Farmers Branch and Addison potentially. 

Woke up to my tenant sending me pics of the lone tree in the yard had some branches fall in his car. 

Different bankers/branches at the same bank may react differently.