Economic aspects are scarcity, modification or improvements, permanence of investment or fixity and area preference or "situs" which may include intrinsic values or satisfies other needs.Real estate is unique, drop back to your Economics 101 class, "factors of production" in economics are land, labor, capital and entrepreneurship. land is the only factor that can not be replaced as a factor or requirement to produce goods or services, all other factors may be substituted, if you have less capital, more labor may be used to obtain the desired outcome. 

I've used it on tile, cement slabs, patio rocks, and walls. 

I think you included most of this because your cap rate seems to reflect it.Because the property is occupied then it doesn't hurt to ask the seller if they can produce a listing of their expenses over the past 12 months. 

It is a multi tenant retail property anchored by a discount retail chain.My problem is that the sellers did not comply with the timeline to produce all documents.  

I think it's always a good idea to take a step towards managing instead of doing the work yourself, you can produce so much more with that model.

FS Houses rocks!

@Karen MargraveMuch of eastern Canada has been running hot for so long, folks are complacently thinking it is normal ... places like Toronto, Vancouver, Calgary & (to a lesser extend) Edmonton have been on the molten rock side of hot for almost as long.In amongst all that, there are cities and, more often, small towns and rural areas whose local economies are unwell or have collapsed where there is growing inventory which comes with lots of risk.There was hope at the start of the year that things were beginning to relent a little, then the BoC lowered interest rates - mere weeks after hinting they were on their way up - which may be breathing another dance into the local market.

I have the contract on a piece of income producing property.

@Phil C. in my area people seem to just dump big piles of rocks to deny access.

BP rocks!