They are requesting that I forfeit the 1.5' X 37.5' piece of land bordering the alley and give it to the city in order to extend the alley by 1.5'.

Our standard clause on insured prop loss is1) Buyer option to continue2) Buyer option to take insurance proceeds and repair (lenders don't like that) AFTER close or3) Seller to extend inspection and fix with buyer approval.I kinda like 2) if it wasn't for lenders. 

I did a small 70 unit extended stay "conversion" to multifamily and all it took was letter from my architect.

Once the property is vacated, we plan on making improvements to the property by adding an extra bathroom and extending the home in the back with a covered patio.

Top to bottom cosmetic renovation on the inside, including removing a wall between dining/kitchen, refacing and re-arranging existing oak cabinets, new farm sink and custom base cabinet, new tile backsplash, custom island, quartz counters, and extending new hardwood floors into kitchen.

Should a market currently suffering from any % of population loss automatically be out of consideration?

Or you can extend the building more easily.

@Luis Limon  As it sounds like you're already aware, the Governor signed another new bill (SB91) into law last week that extends the previous tenant protections enacted under AB3088 (the COVID-19 Tenant Relief Act of 2020). 

Ohh you have a wonderful asset In great towns for rental income.we had a client whose home we sold In Lexington who had made above rent rates for that terrific town by managing Extended VRBO like stays. these take more managing but can deliver highest returns if that's key for you and your family.either way renting in one form or another retains your  asset ,the tax shelter along with the market value increases over time.well played sir!

Our question is with the eviction moratoriums being extended federally as well as in CA would we be better off turning it into a short term rental to avoid getting a long term tenant placed just to have them stop paying the next month?