If you learn from it and progress, than that failure word becomes obsolete.  

Code requirements are also way too stringent despite being often obsolete and irrelevant resuting in more burden to home buyers No wonder why there is less and less new construction in LA and why there is a housing crisisWe now try to focus on areas outside of LA jurisdiction 

You're a necessary but soon to be obsolete middle man between buyer/seller/lender. 

Plus, this does not sound tremendously dated or obsolete building situation (built mid-century and updated since)....I do, though, like when landlords are responsible and don't squeeze all the juice out of the lemon and exit stage left (and pass on all the deferred capital costs to a less informed buyer, like a hot potato).

Let the inspection help you get to a more reasonable price...or get you more comfortable with price paid....or use inspection get him to repair/replace obsolete systems.

I say this because most people use a realtor to buy and sell SFH/4Units but a large part of the rental market is done without using realtors, which in turn makes the MLS obsolete as far as rent comps go in my opinion, but definitely still check it if you have access.

They've been saying that Zillow is going to change the way Real Estate is done & all Realtors will be obsolete for years.

The HUD-1 has been obsolete since Oct 2016. 

What if a new building makes your investment property obsolete because there’s a better facility with comparable rents?

I think the smallest bedroom is about 75-80 sq ft. as I have been saying there is economically obsolete  ( many of these older homes that need more work than what they are worth on a resale basis) and functionally ( it appears building the cheapest home to the very minimum UBC code is a prime example.I had a rental up in Kokomo I dealt with that heat was too much in the winter and the tenant said either lower or NO rent or I have to move .