With that being said two guys for eight hours a day equals 48 man hours.  48x65=$3,120 in labor alone.Again as stated above, this number can fluctuate greatly depending on the size of the bathroom, finish quality, niches, pattern, ect. 

I recommend increasing their charge by 10% to cover fluctuations and setting a limit.

20 years ago. second best time is todaySpeculation won't get you anywhere unless you want to take big risks and hope this or that happens.If you have a consistent strategy and hold/manage/rent then in the long run you will do very well.Maybe some short term fluctuation but learn to live with that.There was a psychology experiment where investors where given two funds into invest in.

I think you can have both scale and diversity in portions which achieve your overall goals.If you are a remote investor, and using property management, there will be a threshold of scale - number of units you hold in a single market - which will garner you a better rate/unit for property management costs.On the macro-economic level, distribution of holdings in different regions (states/provinces, countries) with diverse economic drivers and a low-level of coupling will help smooth the bumps of fluctuation in local economies.So perhaps it is not a question of Dallas or Indianapolis, but one of how much Dallas and Indianapolis and do your acquire them in parallel or sequentially.

The bad news: regulations fluctuate so purchasing a property that relies on STR to make the math work can be risky.I live in Los Osos (very STR friendly) and just purchased an investment property in downtown SLO (not as STR friendly). 

Depending on the cycle, the cap rate may fluctuate percentage or so. 

Don't let anyone tell you differently though: markets will fluctuate...and sooner or later our markets will drop in value.

I personally like it when i know how much i am going to have to pay instead of having fluctuated rates all year round.

These banks, servicers, insurers, etc. know much more about the individual markets than you think.If there are set %'s they would fluctuate depending on the different areas, submarkets, etc.We perform 1000's of BPO's a year (for banks, private investors, shortsale companies, etc).

This is driven by better rent:price ratios during a recession, not buying high and going through the rollercoaster of house value fluctuation, etc.I can afford a house in a better location once house values fall in a recessionObviously, waiting to buy obviously only works if I am still employed and can get a mortgage approved in a recession.