Observe, take notes, and be prepared to handle it on your own next time.

That's not to say their are not plenty of small single location mom and pop operators, but, from my observation, the most desirable tenants are larger regional, national or international multi location corporations.

After I observe a few auctions and learn from the guys who are doing it, I definitely want to try picking up at least one property this way. 

It appears your property manager is telling you that property owners observe these general rules in your area. 

There is little or no incentive for the renter to attend to a running toilet or an outdoor spigot (as Brian Garlington observes above). 

Just my observations.    

Getting that mindset right, at any age, allows someone to grow beyond their own means, and it has been my observation that is true of literally EVERY successful investor - growth has to be beyond their own means….even the millionaire needs other millionaires to fund billion dollar projects….so at some point, learn to depend on others, partner with others, borrow from others and this will greatly expedite the journey.  

I would think the only way they would go for income is if Income is below Comps for some observable reason, such as obsolescence of units.But if income was higher than Comps, I would think they would lend on the Comps, because if income is so good, the comps income should soon shoot up--making them true Comps.Or is there some other logic to the 2,3,4 plex lending I'm missing (???)

It is simple enough to adjust "remaining life" and "replacement cost" based on actual observations of a specific property, and first hand knowledge of local costs. https://www.ahfc.us/index.php/...

It was long, and wound about him like a tail; and it was made (for Scrooge observed it closely) of cash-boxes, keys, padlocks, ledgers, deeds, and heavy purses wrought in steel.Scrooge: "You are fettered," said Scrooge, trembling.