Most importantly, I think about how every structural alteration, fix, and upgrade effects the men and women who would be fighting the fires in the buildings I own.

What makes it a "master" lease is that you have the ability to rehab and make alterations as you see fit, sub-lease (rent) to others, and generally try to capture the value-add.

This can be a good reference point, but for example in my area there are a lot of homes with basements that are not finished that can be, so the websites may price the home at a 2/1 but by finishing the basement I could make it a 3/2 which completely alters the ARV. 

However, I used to build mortgage/loan pricing/underwriting models, elimination of PMI definitely comes with a greater risk for lenders, which translates to higher interest rates, with everything else equal.

Let me translate what he meant by telling you he's the most expensive in town. 

Alter the plans and resubmit.

The following may or may not apply to your situation, but I am using it as an example to illustrate that you may not be withing your right to simply change the locks.In California, entry by landlord is restricted to: To respond to an emergency that threatens life or property.To make repairs or alterations that are necessary or that you have agreed to.To show the place to potential buyers, tenants, or repair workers.If you have given permission to enter.If you have abandoned the premises, or your landlord has obtained a court order.The correct way to proceed would be to notice the tenant and document that the tenant refuses to comply with your lease regarding the locks.

They looked so similar at first that I thought one was owned by the other and they just changed the UI a tiny bit and altered the colors. 

It all depends on how risky they perceive the deal to be and whether that risk is acceptable for them.I personally look for deals that are yielding cap rates of 7%-8% or higher, which usually translates into IRRs in the mid-high teens or better.  

Specifically, in a model where we leverage with debt, the difference between a 50% NOI:gross rent ratio and a 40% or 60% ratio is enormous when translated into our actual ROI.