We all seek wealth for different reasons and no one on this post grew up in the middle of the Great Depression, so passing finding flaws in someone who accumulated a net worth an order of magnitude above their peers may not prove too fruitful.

Might be that their time horizons and operational model are flawed?    

Upon review design several weeks later they found flaws that need to be redesigned and resubmitted.

This should uncover any issues re: lead paint, asbestos. 

Cap rates have some flaws, but they are one of the good measurements of real estate return.It is fair to include closings costs into the purchase price, to determine your cap rate. 

All should be taken into account when investing, but it is risky to be dependent on appreciation alone for an investment.Given what you've said, it sounds like the value of the property should be going up so I would definitely hold onto the place unless you can uncover other opportunities where you strongly believe you'll be able to generate a higher ROI by selling. 

We have seen uncovered storage do very well. 

I agree its a bit risky, but as we uncovered..there were old tax liens on it which made it not workable. 

But I can see how my original post was flawed since most people wouldn't be holding for 30 years.

One flaw is the lack of ability to scale easily.