This case study explores a real-life investment where a seemingly superior apartment underperformed despite strong fundamentals. Compared to an earlier, successful property, the second apartment offered a better location, larger size, and additional features — yet produced a significantly lower yield and took months longer to rent out.
The case highlights how risk can hide in overlooked variables such as floor level, internal positioning, and visual friction — and how failing to price these risks at acquisition leads to long-term underperformance. It offers practical lessons for investors operating in older buildings or transitional neighborhoods.
