Assuming that doesn't include any mortgage pay down, you need to factor in capital gains taxes. 

The ideal asset allocation for someone in your financial position depends on various factors, including your age, risk tolerance, retirement goals, and current lifestyle.

Are they doing everything possible to expose properties to the broadest possible market?

Timely payments are one of the largest factors in a credit score and if he hasn't had late payments since then, his score would continuously improve.

The most major factor in most markets is affordability.

is there a particular formula that takes all manner of factors, (employment growth, corporation development news, barrier to entry, rental rates, wage growth, etc) into account and spits out an "invest in city X" answer?

This may not seem like a big deal, but it is something that you will need to nail down and factor into your analysis.

I do agree with the sentiments from others regarding the experience factor.

We use these factors in this order of importance (feel free to create your own):1) Tenant pool credit score2) Location => Neighborhood3) Property condition & amenitiesClasses are not defined for the SFR industry and are relative to the area.

Why not put an extra 2% commission on top and get the property exposed to all of the qualified buyers in the market ( the MLS).#3 Marketing - They will get professional photos done, marketing, open houses, etc. to further expose your property to buyers.