Now the new leases are horrible asking a 6.5% cap which isn't bad but now no rent bumps in primary term until option periods after 15 years!

When we first started renting we had horrible tennants.  

Land is limited, traffic is horrible and people work long hours. 

It's horrible.  

I never got the impression they were trying to pull an all out rehab/flip - more just cleaning up an otherwise horrible listing.It is my understanding that they get recommendations from the listing broker on whether any further money should be spent on the property prior to listing.

If so they did a horrible job and you need to interview whomever is helping you (if you're going to still go thru a realtor or prop mgr). 

I wasn't planning on doing windows as they didn't look horrible - just needed a little work.  

It was clear from the minute we met him that his perception of investors was horribly negative (he went so far as to "scold" me for having the word "flip" in my website domain name, as he considers that a bad word).

We could have been horribly burned, but he ended up doing an AMAZING job.

Tenants will leave early and leave the place in horrible condition, welcome to rentals.