With this, along with shifting the utilities to the tenants and reducing the management fee to generate an NOI of around $103k, I'd estimate the value around $1.8M to $2.0M

It could indicate they lack sufficient knowledge or experience in professional property management, which may lead to costly issues for you down the line.

This lead to piecing together payments here and there and drastically slowed the construction process and major cost overruns.

I have made my own list of leads as well with some properties that I find vacant, probate, tax lien. but have only helped an out of state realtor on a deal a yr ago. and 2025 I would like to have the right people to go to with questions and or properties when I talk/find home owners that are willing to get rid of the property as well. 

An argument can be made that you will generate a higher net worth there than say middle of nowhere Alabama.3.

Our property management company is 4 years old and nearly every lead we get is from referrals.

This also leads owners to ASSUME simpler is better when it comes to management contracts.

They just generate chlorine at a constant rate depending on the system setting.  

I can certainly tell you in SoCal if you had a single family home with an ADU that generates an extra $2k per month in income, end-user buyers will not be thinking "I'd pay an extra $20k for that." 

@Ken M. if the Morby's subto wrapper cant payoff the underlying 1st position loan when it's accelerated because of the sale, then he/she would have to liquidate the wrap note (by selling the note) to generate the cash to payoff the underlying.