@Thomas Beard That's tough to put an "Average" to.

The original plan was to be 100% commission, based on metrics like net profit after the flip is sold, size ($) of the remodel, finishing on-time and under-budget, etc.Meeting our average profit per flip and doing 24 / year, our PM has the potential to make around $72,000 / year.

Unit Sizes Are Growing — Especially One-BedroomsAfter years of shrinking unit sizes, 2025 marked a clear reversal.The average new apartment size increased to 908 square feetStudios and one-bedroom units experienced the largest size gainsOne-bedrooms made up nearly 50% of all new constructionThree-bedroom units, however, continued to shrink slightlyThis shift reflects renter priorities: flexibility for work-from-home setups, lifestyle comfort, and better value for rent.

In return, I believe I achieve longer average tenancy than many peers, which ultimately boosts my top line because vacancy and turnover are so costly.I see some local investors putting higher-end finishes into their rentals and pricing above market, but they often end up with shorter tenancy and longer vacancy between tenancy.

Over the last 12–18 months, I’ve noticed a pretty significant shift in where the best deals are actually coming from.What I’m seeing on the “buy” side:Turnkey STRs are still trading at strong multiples if they’re well-designed (A-frames, chalets, cabins with amenities)A lot of listings look like deals but fall apart once you factor in:Occupancy limits (Septic-sized occupancy limitations are a big issue here) Deferred maintenance of older homes ( Many homes here were built in the 1960s-1980s)HOA Fees for where these properties exist. 

I do not remember the numbers on Torrance, but in San Diego the average price of a property with an ADU sold for less than $20k more than without the ADU.  

Cost seg can technically be done on any size property.

@Ben Baker While I don't know all of the details (and I don't know where it's located), but if the 10-plex is really worth $1.1M and you average at least $1,000/month/unit, I believe your best bang for the buck would be to do a cash out refi on it.

Average cost $3000.

That statistical confidence allows those carriers to price coverage more competitively because they know, on average, what to expect.Carriers with limited exposure lack that predictability.