They seem to be trying to use a PMC model designed for Class A properties/tenants for Class B, C and sometimes D.Can't use the same business model for all classes of properties/tenants. 

Managing Class C & D properties is NOT for every PMC!

-Landlord  What class is this property? 

The real estate investing industry uses "Classes" to rank property performance risk, but there's NO agreed upon industry model:(Here's what we use for our Metro Detroit market:Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

Regardless, you might find the copy & paste info below helpful:)--------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

I think in this environment lenders are changing requirements, guidelines, and product availability daily.

Especially in a high interest rate environment where cash flows on long term rentals are muted and there is significant capital required to purchase and list on airbnb.I live near NYC but would invest out of state in an airbnb / landlord friendly state.

If you want some very broad strokes that are asset class specific, but not location specific.Highest risk and return to lowest risk and return, offices is at the top.

Sellers continue to drive the Valdosta market even during this higher rate environment.

Mostly class B, I'd love to keep them but if there's a great opportunity in the MF world I'm all ears!