I have two definitions for what a turnkey investment property should be, but my most basic definition is: “A safe, clean, and functional property that is completely rent-ready.”

but people get used to living large...2. high W2 income is not necessarily a function of financial intelignece - but people often feel that it is...troubleIntersection of time and money is such that until the money that you haven't worked for starts paying for your way, you are loosing.  

Both are a function of your building, while the vacancy is a function of the marketplace.  

Seeing how functional the units are is very important.

This is a topic rife with cognitive biases (ie-confirmation bias) as well as cognitive dissonance.I use both REI & equities but having close to 30 years (esp with stocks) & anyone that can beat the indices over the long time with some of the numbers being mentioned...will not be taking the time to post on this message board.You will be the next John Paulson, Ray Dalio, Bill Ackman, et al in the hedge fund world.

I since changed over management of those properties and they are back to functioning.

We have a 2 bedroom house with a loft that can function as a third bedroom.  

Cash flow is a function of rent and expenses.

Seems like another city council exceeding their authority as they often do, telling an owner they must participate in a HUD program, while HUD can't even make that requirement.Seems the city can have another agenda, housing standards coming under the PHA's inspection authority so that the city avoids some of the building regs functions, it could be a burden to the Sec 8 folks who won't have funding for the additional regulatory oversight.

So, look at the functional analysis as well as the numerical analysis before doing anything.