Even with the deductible I was still out $15-20K all in - water gets everywhere and destroys/damages everything along the way.

I have flipped  properties and when the tenet destroys the inside from having to replace sheetrock to fixing cement that was placed in the toilet to AC unit being taken, New HVAC being replaced, the list goes on.

Oso Washington  49 peeps perished and 45 homes destroyed happened mid morning so probably a good amount of people at work that kept the fatalities down

@Devin JamesNothing in life is typically handed to you and nothing is typically get rich quickThe most successful people I know show up everyday and grind it out- they don’t let a failure destroy them - they get up and keep going.If you also read all the great business books etc they all say the same thing - be humble, be consistent and have a plan.

I do tend to agree with some of your points but im very happy that you took the time to comment such a good response because people do need to make their own decisions and hear from both sides because you 100% get horrible Section 8 tenants who destroy your units.

It goes deeper than that.NYC Liberal policies, including strong tenant protections, increases the risk of failure so much that the risk far outweighs the rewards.Financial ruin is just around the corner for the small Mom and Pop Property Investor that it doesn't make sense for them.The Tenants will have free Attorneys that are bent on delaying eviction cases so long that it stretches into years while Mom and Pop suffer from lack of rental income and still have to pay all the bills and do the management.Additionally, the increase in homeless living rough in the streets due to Sanctuary laws causing a lack of shelter beds, then evicting shelter residents after 30 days creating more homelessness, policies that tie up the Police's ability to arrest perpetrators, etc. only causes Mom and Pop to sell out at large discounts to larger Landlords who are capable to use Economies of Scale to eek out a profit.These larger Landlords will eventually turn a much higher profit as the pendulum will eventually swing towards the middle when the NYC Voting population eventually realizes that it's not a conspiracy of the Rich that's causing the Wealth Gap to increase.It's the same liberal laws that encourage people to become lifelong tenants, small Entrepreneurs (including Property Owners and small Mom and Pop Businesses) to be destroyed, and Rents to rise astronomically as housing becomes scarer even when the population declines by as much as 7% in the last several years. 

Quote from @Yixiong Pan: It's possible, but it's also possible that the tenant will destroy your house and you'll never know.Managing investment property involves more than collecting rent.

And a bad tenant, primarily one that destroys a house, will also cost you a LOT of money (and put you back into renovation mode again).  

You put RTO in it, they destroy the house, and then you're in a worse position 3-4-5 years from now when there is little appreciation and the house is destroyed.

One block can perform very well, and another block will destroy you.Before you invest, I recommend you locate a quality PM that can help you narrow down markets, determine which rentals perform best, cross-check sales prices and rent rates, and take over management right away.The biggest mistake you could make is to get talked into buying in the wrong neighborhood and then learning that the good managers won't touch it.