In all fairness, comparing total appreciation across markets without also accounting for re-investment of free cash flow (presumably higher in markets outside CA) is really a valid comparison...

Can you look at a rehab project to see that estimated costs are valid (if not, you're really banking on the broker's experience)?

Separate metering for electric, water and gas.

The landlord (potentially me) is responsible for gas, water, sewer and common area electric.

I get tons of such solicitation, frequently from public records and I can see there's no effort whatsoever to validate the data as being appropriate - - thus they all go directing into the circular file.Big turnoff to be marketing with inaccuracies and then begging to get the listing.

I am not sure why this was given to me, I guess they currently have the owner pay for water and sewer... definitely going to change that)Gas + electric: 780 year (also going to potentially charge the tenants for this)On top of that obviously property management, insurance, income tax.100% rented and apparently in good condition.

But it goes deeper, larger debt loads on non liquid assets requires analysis of cash, use of cash, inventory turn over or how fast we turn over deals or tenants, how quickly we collect revenues, tax liabilities, seasonal changes in those areas of business and real estate that are subject to seasonality (vacation rentals, apartments near colleges or seasonal employment, think motels or restaurants or gas stations and C-stores).  

Gas Stations, Multifamily Units (Apartments), Warehouse, Strip Malls, or a Hotel?

I received an answer from my property manager (finally), and my feelings were validated! 

I can't say the validity of the charges but it is unusual to have two companies for snow removal.