Then a "neighbor " said they saw a guy playing with his toy " And then that someone followed her home and Possibly looked in the window .

Fixed up that house and I liked swinging a hammer so I added contracting to my business , it was slow in the beginning but in 3 years I was done with grass and contracting full time .I have hauled trash , scrapped steel . in the beginning i did AAFM

Sold it around $730.I am TOTALLY long on this company but I still want to buy low and keep it for the long haul (unless we have another black swan) 

Now when I see sharpie drawings on new front doors, piles of crap and toys on freshly poured back patios, filthy appliances...I just roll my eyes and go about my business.

When you have to pay a management fee on top of that, I think you should be happy with 8% over the long haul.

25% for flood when creek rises, fire, non paying tenant, roof repairs, tree falls on duplex and insurance deductible is $2500, tenant puts toy down toilet and clogs main line, dog which you did not allow bites someone, disposal stops working, property manager 10%, property taxes increase because they see you did rehab or you changed the title, noise fine as tenant decides to become a drummer, trash bill, ants or vermin and you have to hire a exterminator, mold claim, planning department inspection fail, city fee as business, legal fees, CPA fees, insurance goes up, Imperial Beach business license and landlord permit/ annual fire safety inspection/gas co inspection $1500+, heaven forbit the Coastal Commission says you dumped foul water, to name a few

But over the long haul, these things are relatively rare.Further, if these are properties you just rehabbed and rented for the first time, those tend to have more maintenance issues up front.

But be really be ready for that long haul, not a quick jump to "passive income". 

If the bid is outrageous, pickup your toys and go play elsewhere.

@Alan Miegel there’s still plenty of cash flowing real estate in Boston if you’re looking and networking for deals in areas that still have plenty of room to improve over the long haul.