PPM for obvious reasons does not capitalize on this advantage.If you have serious money to put into property there are ways to do it which preserve both of the above.

@Lexie De Stefano nailed it for Arlington.

Cash preservation is the key to success in this business.  

Therefore, on May 16, 2017, the Board, recognizing the need to preserve existing tenancies, explore methods to protect tenants from displacement and afford them stability in their homes, directed the Chief Executive Officer to convene a Tenant Protections Working Group (Working Group).

Or is this the final nail in the coffin, which means to me that other real estate asset classes, such as essential retail, industrial, farmland, etc., will outperform multifamily in the near-medium term?

The philosophy "if they accept your first offer you paid too much" makes a lot of sense as long as you're not unreasonable and you nail one now and then.So if all other pieces of the puzzle (area, condition, rents, etc.) are okay, is it reasonable to start at 70% or 75%?

While he is a huge fan of leverage and using other people's money, he noted that once he became financially independent his goals switched from creating wealth to preserving wealth. 

Jen Lucas I think the others hit the nail on the head, capital expenditures could easily drain your reserves if Murphy rears his ugly head.

@Brian Rossiter hit the nail on the head.

Then you might preserve your FHA so you can move out of this property today to do that later on.Sure you can always refinance your FHA to conventional and reuse your FHA again but that happened to folks in 2021 and they got such a low FHA rate in the 2's that now they dont wnat to refinance @Matthew Kwan so they dont want to refinance their FHA any more.