I have heard presentations on it....but few people make it work consistently. 

If you consistently analyze properties, recognizing a good deal will be much easier when it shows up.

Proper underwriting and due diligence (DD) processes are essential to ensure that projects maintain a strong risk profile while still delivering attractive returns.

Is that a number that typically stays consistent every year, or is it only that high during the first 1-2 years before stabilizing?

If you don't follow the process perfectly (such as by not delivering notice on time, or in the right way, or charging unfairly such as for normal wear and tear) you will be SOL and could even end up having to return the security deposit or even pay them more $ above the security deposit. 

The only mail that could possibly be delivered there is the mail belonging to the previous tenant.

With a month-to-month tenant in place, it should not be too hard to get them out, depending on the state, but you should have written your offer to be delivered vacant if you didn't want to deal with this.

A good investor focused agent is sourcing deals from multiple sources and providing their clients with a consistent deal flow. 

I have flipped a lot of homes and have had higher returns consistently when the location was better, particularly when the location is inside a specific highly rated school.

Consistent with our strategy to identify and break ground on multiple sites, we continue to evaluate other locations in Arizona, California, New Mexico and Texas.