I don't have the answers but I can tell you the homeless problems on the west coast and Honolulu are real and very difficult to deal with.people are camping out every where.. city govmit does nothing or little to stop them.. homeowners end up with some derelict camper in front of their house.. waste  garbage stealing water and power.. then in the commercial areas some business have had to shut their doors with the homeless driving away customers..  

You dont want another developer coming in and stealing it from you.

Planning to build a fourplex (3/2 identical units, 2 up 2 down) that will gross $4800/mo.

But it's quite another thing to bold-faced steal from someone. 

 $121k is a steal!

Value of properties now is identical to 10 years ago.

I assume that while perhaps similar, the numbers and expectations in LA are not identical in Frisco...etc.Thank you for the bit about appreciation..It makes sense that you would bet on that instead of the rental value.

All of this helps them understand that your offer, even though it's low, is justified, and that you're not an A-hole trying to steal their house from them.2.

Just a thought good luck.I suppose I am assuming they are identical sides.

It sounds 'so small'... but if you take the long term stock market growth rate of 7% per year, they are stealing... sorry...