We might not do business, but it's a networking opportunity for both sides.The ones that drive me (and my parents) crazy usually come from some sort of phone bank, working from an obsolete list of leads.

The early replacement of this stuff renders their schedule obsolete, but good luck getting them to recalculate the reserve account contribution.

@Caleb Godsey Your numbers are correct:However, you are missing CapEx reserves (5-10%) - consider Repairs and CapEx at 10% of rent, your cashflow gets cut in half:Make sure to account for all these expenses when evaluating an investment: 1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance Property Hazard InsuranceFlood InsuranceEarthquake InsuranceUmbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have some or all of these if your tenant is not covering them and/or during vacancy) Water § Sewer § GarbageElectricityNatural GasPropane9) General Maintenance (usually 5%) Upkeep § LandscapingSnow removalRepairsNew Appliances10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.)

Clay pipes are obsolete, so connections to these pipes are possible but many contractor just don't know how to deal with it, they deal with it by providing higher quotes and therefore all over the place.  3' deep it may not look so terrible, but it may be a lot of work, maybe because of the amount of other utilities on the vicinity (therefore potholing or "digging by hand").   

Information from a week ago is now obsolete. :)

Fast forward to today, I purchased a couple obsolete municipal buildings with underground oil tanks... one is 10,000 gallon the other is 15,000 gallons.

These properties can be converted to separately metered, but they tend to be older properties, and often functionally obsolete.

There are great, flexible brokers in every market that would love to have the enthusiasm and the potential business of an investor/agent.Some people think that technology will make real estate agents obsolete in the next decade.

That said though, I'm gathering from this thread that HNW investor also are more concerned with the yield and less so with the resulting property left at lease termination.As an investor I do not have a direct interest in any one NNN leased investment, but do have exposure to this asset class through a REIT stock of a REIT going through a transitional phase.I can't tell you how many larger industrial functionally obsolete buildings I've walked through that were former NNN leased investments.

The appraiser may call this functionally obsolete and deduct for the impairment.