my market is near the nation low in both evictions and delinquent rent even with very tenant friendly laws.  

Up north the gas company will install additional meters for a very low cost, usually hourly billed time for the work and possibly low cost equipment.

They keep rent low, give gifts and homemade cookies for Christmas, make upgrades whenever the tenant requests,  accept all the late rent excuses, etc.The truth is, your tenant is not your friend.

Nor would I pay retail for a property with that low proforma return even though I like PR.  

I feel like it's a space where great operators can really clean up, since the bar is set really low, in my experience at least.

Its a long term low cost play for me.

You got only 4 bookings from Airbnb because your ranking is really low on Airbnb.

Quote from @Bonnie Low: I work with a lot of MTR investors and what I am seeing frequently with multifamily acquisitions, particularly with new investors, is that they often test the property just like you're mentioning, as a way to dip their toes in the water and see what works in their area and for their personal style.

Here is your tip:Buy low and sell high, also don't eat the yellow snow.

Maybe they are trying to annoy people with low rate mortgages on purpose to get them to refinance (conspiracy theory alert)?