The heavy taxes you pay make the city desirable which is why there's those good tenants paying the high rents.

@James Masotti noble desires. typically ppl only care about protecting them selves. not the other party. 

You already have a solid business to build on.If you have the income all you need is the desire.

Real estate is somewhat counterintuitive here - buy a desireable property and update it nicely, you will never have to worry.

In your contract in case it does not meet your desired condition once you get a signed contract take it to your attorney or a title company along with the earnest money.

We like new updated homes and if anyone knows the market in metropolitan area knows that renovated 3-4 bdrm homes can run you upwards of 800K+ in the more desirable suburbs.

An operator may need new capital, or investment, to renovate or re-purpose a building to make it more desirable and drive rents higher.

  $1400 square feet in a desired area with good school.

The only times I have seen it not affect it "as much" is when the lot itself is very desirable (huge lot, few neighbors, etc.)2) This house is on a corner lot with exposure to 13th ave, house would have a side yard and not a backyard.

Without the prepay, the rate will be adjusted and your desire to "run very lean" will be mitigated.