Silicon Valley job growth in tech and manufacturing, low property taxes, and landlord friendly. 

A total cost of 6.3Mn over 23 units equates to 274K/unit...this appears unbelievably low for San Diego...I'd want to see full development budget detailing hard, soft and financing costs as well as month by month projections showing construction and lease up cash flows.What's the 2.2Mn purchase price for?

Pretty normal numbers for low income duplexes in Cleveland.

I bought it about 9 years ago as a primary residence, which keeps my taxes low.

I think there's going to be a serious thinning out of STRs because of the overall market and interest rates, and people just getting fed up with the platforms, unless one of the newer no/low fee platforms takes off. 

I did this in the MS market and while the advantages you pointed out were true.. markets that have slow appreciation and or areas where builders can keep building for low dollar amounts like the mid west.

Plus funding is readily available and deals need to mature a few years before profits emerge, so why would a turn key provider not just keep a good rental property.Our inventory is so low in Milwaukee, that sellers don't have a reason to give a discount. 

Pros: Diverse job market, low unemployment, great resilience during recessions, nice appreciation, 1% rule can be hit if you look hard enough, great economy, good schools, Midwest nice.Cons: Extreme weather at times (hot/humid summers, tornadoes/hail, brutal cold in Jan/Feb), high insurance premiums, property taxes also really high.

First there is no reason to buy a Townhouse "all cash" instead put 40% down and reap the benefits of an extrenly low rate, No PMI and the option to escrow.

If you want to fill your property with residents sourced from the companies above, imagine being the overworked, relatively low-level employee tasked with finding the appropriate housing ASAP.