The term "reasonable" is going to be redefined.

The houses are just a commodity. 

we ran into this in FLA  a few years back when I had 4 starts and I exited that market.. permits  sub base all pretty tough for someone who is not there and already knows the systems hands down and has a devoted loyal sub base.. thats the key in my mind.

I happen to live in AZ in the winter and MI in the summer. 

Are you looking at the maintenance/repair costs of the homes once in place, W/S/G costs. septic expense if applicable? 

We've seen 3% for 100+ unit apartment complexes, but they also have onsite staff not included in the 3% management fee.Two other pricing options to properly understand:1) Fee charged based upon tenant payments or just occupancy.

The rate will also be high. 

AT MOST you rent it out for 2 years and then sell it but honestly you’re probably better off just selling it.Assuming zero vacancy and zero capex you’re going to make about $12k/yr.

It seems like the North Dallas (where all the buzz seems to be) seem fairly far from downtown Dallas.

A little bit off to the west is also a solid market where you can find some success in the Tampa Bay Area.