I've been able to curb a lot of this through large fines in my lease, but even having to pay $1,000 will not always dissuade my tenants from continuing that behavior. 3) IRRESPONSIBILITY OF THE TENANTIf you're renting to students forget about ever getting them to admit to anything.

NYC and the Bronx and Queens and Brooklyn are generally impossible wholesale areas anyway, but if you add in that you are an out-of-town student alleging to buy people's houses, NYers will eat you alive.

The goal of the lawsuit allegedly was to make it more transparent and now it is about 800x less transparent.

I will admit the biggest pitfall as you stated is that I stay on the phone and my kids hate it. 

I admittedly know nothing about this market or costs associated with developing/managing something like this.

@Jeremy Hartwig, I know this is a slightly glib answer, but property is worth what a willing buyer and willing seller can agree on.You can use cap rates, but admittedly those can be useless too, for similar reasons that Kevin outlined.  

They admitted to their error but they're not doing anything about it.

I will admit I speed read your response but I didn't see where addressed any idea of pricing.  

They haven’t even admitted to marking up the Lowe’s charges.

For pros, he challenges conventional wisdom and explodes sacred cows by exposing hidden conflicts of interests and mis-alignments that many in the industry won’t admit to.