I had a client buy an REO property and there was a water leak.

Scheduled to open in the summer of 2019, the $51 million, five- story, 267-unit development will be a large and distinctive presence on the east side of Water Street.- In the past five years, Mobile has experienced a 33% increase in manufacturing jobs compared with about 8% nationally.- McGowin Park developed a huge retail space in 2015 which consists of: 199,500- square-foot retail shopping center containing a future expansion area, five restaurant "pads" and 4.5 acres of outparcel development, and the west development consists of a 148,000-square-foot anchor store with an associated gas station, an 89,600-square-foot shopping center and 7.41 acres of outparcel area.

Water heaters need replacing, bank errors occur, tenants move out, real estate bubbles happen, etc. 

With that in mind we are navigating the waters between two very murky districts that both want the same things, but don’t communicate between one another.

We are under contract to sell it and supposed to close last week but the city will only issue a 2 DU cert because they "have no record of permits to convert the storefront into a residential coach house"We did a FOIA on the water records which came back with nothing, we are still waiting for the FOIA on the permit records but don't think it will give us anything because we talked to the seller from 1986 and he said the coach house was a storefront when they sold it. 

Water lines, yes.

If there's a repair or capital expense like new water heater, might take a little more time with getting estimates. 

I’ll do something different to find the same benefits even if its harder than just drinking some garbage water.  

Stocks haven't performed as well in the last 20 years as they have historically from 1950-2000 and the valuations especially on newer companies is eye watering.

Overall, still a win.Even the property I was once under water on has now appreciated well above the purchase price and is now bringing in a good cash flow.