They can also be another item that will need maintenance / replacements if they break down. 

The only "investors" that are buying are a) current investors who are growing their portfolios with "dollar cost averaging" and b) High Earning W2 buyers who want the depreciation and are able to just break even on a 15 yr mtg with 25% down. 

Things will inevitably break, jam, clog, drain, build up, wear down, etc. over the course of a year.

I am a lawyer and this looks like you are admitting to breaking the law.

So things constantly break, repairs become more expensive, and in the case of Section 8 HUD with holds rent until repairs are made.  

Everyone texts, so there really isn’t a lot of things that interrupt a work day that couldn’t be handled taking a 5 minute break or during a lunch break.  

Lets break this down-1- agreed, what is the % occupancy you'd underwrite to assume a future vacancy?

What if I were to tell you the Investor A triplex was sold two years later for a $100K profit whereas Investor B is run down and exhausted from managing their four "C" neighborhood single family homes and when investor B goes to sell,  they can only attract break even offers because the only buyers who would step to the plate were investors who were not willing to pay retail with so much distressed opportunity available in the "C" neighborhood due to limited barriers of entry. 

Christmas Eve, your birthday, your anniversary, etc.  

Ultimately, I sold the property for about break-even because of personal circumstances that changed in my life.