So my natural question would be, what happens if the tenant breaks that lease early?

Personally I lived in Seattle now Hawaii and I saw the light... need cashflow to eat (although i do admit that appreciation will make you rich)It could appreciate but I consider that gambling.

In light of the importance of directing your energy to getting a new tenant in right now, it seems like something you shouldn't focus on.

Now the real question after saying that is "when is the down turn"All down turns where right after a false flourishing economy (aka the correction), always when governments play God to manipulate the natural economy, always always it will get things jacked up.

The cost for you to renovate it when that tenant naturally turns is going to be the same or similar to what it would be right now.

I have on two recent occasions come across HOA CCR's that are so Draconian in nature, that if faithfully observed, completely block househacking as a strategy.

How to factor in the nature of maintenance -- the veteran DIY fixer is always going to spend less than the guy who doesn't know what a scope of work is relying on a property manager to hire preferred contractors who are kicking back to the PM, the incompetent DIYer is always going to spend more than the competent one, the guy fifteen states away with no boots on the group managing major rehabs remotely is always going to get the shaft.4.

The park could use some new fencing, increased lights, and better signage. 

I want to make it second nature when i'm analyzing and i think i have a long way to go. 

Real estate commissions, short to long term capital gains if you do not 1031,legal fees, etc.The exit cap rate usually depend on tenant mix just as much as location (nation, regional, mom and pop) in nature.