The city even ordered the owner to do an impossible, irrational thing -- to restore the one-bedroom units to their original two-bedroom configuration -- which would have required ripping out walls, kitchens, and bathrooms, and displacing all the tenants, at a huge cost that would actually reduce the future rental income.

I am not accustomed to posting personal information but it may help and it piggybacks off David's post above.I do not have time to follow the stock market as much as I would like and even when I did when I was younger, I found it irrational, unpredictable and out of my control.  

Hence they can be emotional, irrational and other things that makes it tough to do a deal in some cases.

Following this attack, I had irrationally thought it would be a good idea to start a towing company without market research or strategy.

With that said, I don't mean be irrational, but realize that if you can find a reason to not make an investment because something might happen in the future, it will always be there.Next step - really understand the rental market and demand.    

Their irrational concerns about what 'could' happen decades from now may present a compelling value prop.As others have said, humans adapt...they also innovate.

So 200k + 154k + 319k = 673kIn all seriousness arguing to pay off the student loans now is akin to arguing for the flat earth theory...it's truly that level of irrational thinking.  

So, expect intense competition and borderline irrational exuberance from other investors in Lancaster and anywhere else in the area.

It seems to me a lot of white folks are scared irrationally of non white folks.

Too many people are scared of buying in Mexico for irrational reasons and your experience shows that things can go well and that there are great people to work with.Yet, like both of us are saying, people should still do their due diligence.