In this situation, has the individual's net worth decreased due to the $150k debt obligation and is no longer an accredited investor?  

Healthcare jobs growing, every other job sector losing in Anchorage.Rental income has decreased 5-10% over the last couple of years, but occupancy has actually increased in the small MF space.

Your cash value cannot decrease.

So you can probably looking at the percentage increase/decrease since purchase to get an educated guess at the value of the property.  

While many markets saw dramatic increases and decreases, property values in Indianapolis have remained relatively stable over the last few years.

The prices are really changing the demographics to the schools as the younger kids that would be found in new families are decreasing as those families can't afford the homes.

Your living costs will be decreasing year after year so that if you are prudent then you can pay off the student loans quickly.

However, these HOA fees often rise over time and can rise substantially if mismanaged/mishandled (greatly decreasing the price you could get when selling).

Are traffic counts increasing,decreasing,staying flat the last 5 to 10 years?

First off for him to not want to pay any points will decrease your ability to find someone by about 99%.