By many standards that is a decent return on that number of rentals if they were bought a couple of years ago.

The contract is the usual Florida realtor approved standard contract which you might be very familiar with being a Florida realtor. 

If you are managing your own properties, there's a different standard. 

You are overestimating these numbers.Speculations as to why: tenants in these particular rentals may be tolerating a lower standard of maintenance than you think and thus everything wears longer than you think it will, I may have a different relationship with my maintenance people than you do (actually I don't let my management company do anything and I'm very involved in maintenance, I know how to do practically every necessary task, I manage people directly and sometimes I'll do a few things), there may be an error in your calculations such as you're assuming two units in a duplex don't share as much as they really do (they still share roofs, yards, and many other things), or something else entirely.Either way, your numbers are way too high and I will not be able to answer why in more detail or provide you with my exact numbers without spending a significant amount of time on this. 25% ain't too far off. 

Is 10% down for a vacation /second home a standard rate?

Is this an internal property management company that is compensated on keeping costs low, tenants ( 400 SFR's ) happy so that they stay and pay their section 8?

The standard advice seems to be that allowing pets increases revenue. 

What are other rentals near your area offering in terns of finishes on the bathroom?

Do I need to lower my standards or try to find alternative ways to source deals? 

I don't think most sponsors understand the legal implications and unfortunately it's been 15 years since a cycle has caused the tides to go out, so very few do but once these issues go to court, judges will hold sponsors to a much higher standard.