One of the segments that your tri-plex falls into is that of investment property. Unlike residential property, especially the resort residential properties we have here in Mammoth, people who purchase investment properties don't develop any emotional attachment to their properties. Instead they are interested in their return on investment. Unlike a home that someone is going to live in, it usually takes a significantly larger downpayment to purchase an investment property. The lenders just see it as a greater risk.
Every investor has their own criteria for assessing the return.
Basically, for the cash they have in, what kind of cash do they get out. Any investment that doesn't bring back more cash than just doing something passive and relatively safe rarely make any sense. Again, most investors have their own criteria for return and value, and appraisers establishing values for the purpose of refinance tend to be on the conservative side. Compare this with another major segment of investment property in Mammoth-commercial property. Demand has filled a good deal of the vacancies that existed five years ago.