But I would note that Philadelphia is arguably the most tenant friendly area in Pennsylvania.

Arguably not the title holder, as most of the benefits (rent) of the property go to the city.I'm completely shocked at how high this is. 

Arguably, that REI is on a faster path to wealth building.

If market lease rates for our make-believe building are $20/sf NNN and the target cap rate is 7% then the land can arguably be sold for $1,356,000.00$20 x 15,246 SF = $304,920 gross annual income$304,920.00 x 7% cap = $4,356,000.00 value$4,356,000.00 - $3,000,000.00 construction costs = $1,356,000.00Please note this is a GROSSLY over simplified analysis and there are far more costs associated with a new development than the pure building construction costs and land costs but you get the idea. 

., it's still arguable that even when cap ex is due, you should spend the money - for best resale price!

Arguably most poor people are renters, so it seems like these deductions unfairly target the wealthy. 

Versus in higher appreciation markets I would rate it as forced appreciation (your property does excellent), instant equity (your property does excellent), expected property appreciation (you believe your property seems likely to have good appreciation and I am assuming have done your homework), expected rent appreciation (you believe your property seems likely to have good rent appreciation) and finally initial cash flow (your property does OK but there are many locations in the country that do better).It is not arguable (as in mathematically it can be proven) that historically financed buy n hold in appreciating markets return better ROI than low appreciation markets that provide far better initial cash flow.I do recommend that you do the full calculation of expected cash flow taking into account mortgage payment, taxes, and insurance (PITI), vacancy, maintenance, and cap expense. 

(But, if you CAN find one undisclosed fault - then good for you - THERE'S your {arguably} valid excuse!)...

The other (arguably harder) think to do is to not fret about the $100-$200 maintenance expenses.

. #2 is tough, short answer is that it's risky, but it's also the easiest way to get roommates and arguably less risky than advertising rooms for rent.