@Evan ZelkovichI take those as two separate metrics or benchmarks.  

Take some time to write down your goals, benchmarks and overall vision for transitioning for multifamily.

Benchmark then use it towards other market studies. 

If you're looking for a good Agent to 'hustle and bring you off-market leads', you'll need to offer them something up front in order to incentivize them to offer them to YOU first and to convince them not to list them on the market in order to obtain a higher price for the seller and to leverage marketing opportunities for the Realtor that come from Listings.  3% is a good benchmark if the agent is pursuing FSBO's etc. for off market listings, however, I often find investors wanting me to do the legwork, then write a half dozen low ball offers and they're not prepared to compete in order to get the property. 

The market has changed, I've changed, the competition has changed, etc.There's no benchmark that would make any sense for you to use -- you just need to make sure that your offers are as good as they can be for you to make the margins you want to make and then accept whatever percentage of successes that yields (or make more offers to compensate for low percentages).

Hey Lenny,I would recommend benchmark insurance of Texas, or Maxim insurance.

Maybe put some feelers out as suggested earlier for a management for % equity partner with benchmarks while allocating some of that walk away $ for a last turn-around strategy then re-evaluate a sale. 

Now my question is, what is a good benchmark ROI for rental properties? 

Index funds are seen as a good measure of the performance of their whole sector, and thus serve as a benchmark.

At times, my profits were a bit 'under' the benchmark - but heck it was still a profit.