For investors growing beyond a handful of doors:

When does it make financial and operational sense to bring management in-house versus staying third-party?
Is it purely door count — or complexity of assets?
Curio...

Develop systems for your reno or Rental prep processes; establish written Standards to establish scopes and communicate to Vendors; Gantt charts for tracking progress.

I think in most markets these days, you are only going to find 1% RTP ratios at the individual (good) deal level.There are definitely some markets where those numbers exist as the norm, but as others in the thread have pointed out, there is probably some other risk to consider in those cases (negative growth, jobs leaving, very small population size, vacancy rates, etc.)For example, if we filter by metro markets with 10%+ growth since 2010, the best typical RTP ratio we see is around ~0.77%

Cities losing population usually don’t.The rent growth vs. inflation chart below illustrates the problem.

I should add, I also am a Big Fan of Gannt Charts to both plan and track completion of projects. 

chaos to near-zero.If you use a PM, you still want your own clean accounts + PM statements.2) Weekly 10-minute routine (or every other week if you’re small)Scan new transactions.Categorize anything unclear while it’s still fresh.Upload/attach any receipts you don’t want to lose.3) Monthly 30-minute closeReconcile bank statements.Confirm rent deposits match leases / PM statements.Review the “uncategorized” bucket until it’s zero.Tag anything that’s CapEx vs. repair (this matters a lot at tax time).4) Use a rental-specific chart of accountsYou don’t need something fancy — you just need consistency.

If the price reflects the size, the deal can still pencil.

That increases both the size and budget....

The "Chart of Accounts" of the accounting folks creates the categories, such as Rental Income, Security Deposit, Plumbing Expenses, Groundskeeping, etc. 

Lenders are offering temporary extensions, but many deals underwritten on 2021 assumptions still lack viable refinancing paths.Implication: Distress in multifamily will continue to feed non-performing loan inventory, especially for mid-sized operators.