The investors trying to make their first million often do not understand this as they are at a different point in their life and investing journey.If I am worth 20 million I can take 10 million cash and buy larger properties for better cap rate and usually achieve 6% or better cash on cash and with mortgage paydown hit double digit annual returns and do nothing but collect a check.As for someone not renewing after 25 years then great if rents are below market upside for me and land likely worth a ton more than 25 years ago and traffic counts much higher.

Update: found this surfing the web: https://therealdeal.com/2022/0...

These properties are new purchases in the past few years and what the city has on file is what the prior owner submitted.We would like to get in front of this requirement by providing the floor plans of each property with the rental permit application.Is there a web site, software, or company, etc. that BP members know to gather this floor plan data by location? 

I am currently about 45 mins from them unless there is traffic - there is always traffic.    

@Will Feeny no previous issues, which I assume includes no “frequent foot traffic”?

To take that one step further, I look very closely at those court records, including "just" the traffic citations.

Less wear-and-tear from ocean spray and wind, not as noisy, less foot traffic, probably lower in crime.

I own, outright, a large property that has great daily traffic and will increase in value.

Next I analyzed my location & how close I was to different businesses: gyms, grocery stores, underground metro rail, coffee shops, bars, hospitals, lounges, etc (in Los Angeles this is important since traffic can be insane) After that, I looked at what other landlords were charging for rooms in my area (craigslist, Facebook market place, radpad, word of mouth, etc).

Depending on where you live relative to your work, it may take you more than 1 hour during traffic.