.- any addendums to the leases and all recent notifications that were provided to the tenants (IE rental increases).Try to be present for the inspection as a lot of inspectors share information that you otherwise won’t find in a report. 

Because of this delta, NOI increases every year and Cap Rate as a result.

I use real estate as a way to build passive income and increase net worth.

I do my own swap outs (with permits & subsequent inspections) so costs are basically materials & my time.

The whole point of investing is to make money and INCREASE your financial security. 

With rent increases like this, it almost justifies buying with neutral cash flow in anticipation of raising rents.

Especially since you think you can increase rents 10%.

Since this is commercial, can you increase the NOI by rehab, increased rents, laundry, decreased expenses?

So good news is at 2% appreciation you're breaking even (bleeding cash but increasing equity) .

And to answer your question, IF you ever decide to pay down/off all your rentals I would pay the lowest balance loan off first since that will increase your cash flow more quickly once you do not have a mortgage payment on that property.