Small MF listings and the property management expense line

[Ryan Moore]

I use a property manager for my small multifamily buy-n-holds and I calculate that into my expected expenses for any potential purchase, as I should.  I'm sure that I am competing out there with other buyers who do not calculate that expense line since they will self manage and can potentially offer more for the same value.

Should I stay the course and just keep offering based off my actual numbers that I know will be true expenses with regards to PM cost and wait for the right property accept an offer?

Or should I rethink my strategy and make some adjustments somewhere in my process so that I can stay competitive? For example, reduce my ROI goals slightly to account for a higher offer to be made.

On one hand, I just keep making offers with the numbers that work for me and eventually I'll get a bite.  On the other, reduce my return expectations knowing that I will be putting in less time than someone who self manages and I will be using that time to pursue other investments.