With that said, I don't mean be irrational, but realize that if you can find a reason to not make an investment because something might happen in the future, it will always be there.Next step - really understand the rental market and demand.    

The city even ordered the owner to do an impossible, irrational thing -- to restore the one-bedroom units to their original two-bedroom configuration -- which would have required ripping out walls, kitchens, and bathrooms, and displacing all the tenants, at a huge cost that would actually reduce the future rental income.

I never would have acquired this if I stuck with my original irrational understanding that I could find the "perfect deal" if I was patient enough. 

Properties on slabs with foundation problems can be fixed affordably with a reputable contractor and often pose an opportunity for negotiating power with the seller - many retail buyers have irrational fear of foundation remediation in a new home. 

Alan Greenspan gave the Irrational Exuberance speech years before the dot com collapse.  

Sit with your current offer and let the bank make whatever irrational decision they feel they need to make.

As Warren Greenspan stated, irrational exuberance is a bad thing.    

I'm leaning that way myself, but can't decide if I have just been caught up in an "irrational exuberance" about the area.

Last thing I want is to look back on my life and think, "Man, I had an opportunity to 10X my impact and do something I am passionate about, and I chose to be comfortable"Life is to short to not overcome irrational fear. 

'Irrational exuberance' is back.