But I would actually argue it’s worse than margin reduction alone: the other aspect of this is that if your property is not scoring above a 4.9 rating you have yet another filter that guests can quickly check to filter your listing out, aka: “guest favorites“.

Since it is political primary season you see ads for a reduction in property taxes for many people running for governor on the republican side.  

In the current environment—with price reductions in certain markets—you want to be very careful about lending at high LTVs.

I personally prefer flexibility but having structured amortization does provide discipline if principal reduction is an optimal outcome for you.  

Those have better comps of prior reductions.

Solid, long-term tenants, one of which does the property maintenance for slight rent reduction.

Other clients I’ve been able to negotiate price reductions, repairs, etc.

Then I have the option to engage the attorney to appeal the tax and only pay if they succeed to reduce the assessment based on a percentage of the reduction.

Any deal with upside potential (expense reduction, renovations to drive revenue, undermanaged property, etc) the in-place cap rate may hold very little relevance to the deal.Per your follow-on question about generating higher returns: you are 100% right.  

Actually, given the opportunity to generate rental income and the potential for risk reduction via diversification, modest multifamily residences could be a prudent investment.Kindly feel free to ask any specific questions or seek advice before starting your next real estate venture.