This month's Units magazine from the National Apartment Association has a good piece on fraud detection.  

HOA fee's do not just shoot up that high unless there is trouble from a legal standpoint.

They buy an apartment, remodel it to hipster sensibilities and list it for 4k-5k a month.

@Blake Kirby the new construction is mostly SFHs on the far outskirts, or "luxury" apartments and/or condos as infill projects.

Off street parking is typically more important for high end/expensive rentals.

The real estate market has shifted dramatically in recent years rising interest rates, evolving buyer and seller expectations, and fluctuating property values are keeping all of us on our toes.

I'd keep 70% as a base and shoot for 90%+ on the high end.I think I'd be pretty happy with 90%. 

Quote from @Tannia Castro: I would say the key would be to narrow in on an area (this could be a city if you are not from that area and investing remotely), or this could be a part of the city (some local streets) if it is in your backyard.

The operator may trade off the longer term benefits to keep a high quality tenant in place.

The Class system (A, B, C) can vary by market, but here's my general breakdown:Class A: High-end, desirable neighborhoods.