Used to do a full walkthrough once a year, check the roof, peek at the HVAC, look for anything obviously wrong. Felt responsible. Then I realized once a year tells you almost nothing about where a system actually sits on its lifespan, it just tells you it hasn't failed yet.
Switched to checking install dates against expected lifespan instead of relying on a visual once-a-year pass. Doesn't require more visits, just changes what I'm actually looking for when I do go, age and remaining life instead of just "does it look okay." curious what your walkthrough actually checks for, visible condition, age against expected life, or something else entirely?
I would say I visit about once/quarter. I know the age of all the systems because I installed them--so it's really doing AC/HVAC check at each season, draining water heater once a year, and a generic yearly check right around the year-mark of their lease where they tell me little things that are broken that didn't warrant fire-drill in other months (i.e. window shades broken, etc.).
I think both matter. A system can look perfectly fine during a walkthrough and still be nearing the end of its expected service life.
We use inspections to answer two questions: What's happening today? and What are we likely to deal with over the next few years? The visual condition helps with the first. Maintenance history, age, and performance trends help with the second.
Looking at both has made capital planning much more accurate for owners.