We follow a similar model as @Bill B. and with similar results, except our properties are from the 60s, so we gut them and rehab from the studs up, basically resetting the clock. 

.)- All in Cost = Cost to build * Square foot  - Sales Price = All in Cost + (All in cost * 20%)* Covers contractor and soft cost on either fee based or cost+- Profit = (Sales price - (Sales Price * 7%))* - All in Cost   accounts for agent fees and closing cost- Initial List Price = Sales price + 10%      A buffer to test market absorption- Break Even being All in cost, point where everyone is paid except me. - List price is to test the market absorption at "x" price. 250k land + build.

No issues on property, except a faulty leaky toilet that was fixed same day as tenant posted maintenance issue.

Is it worth it to deliver an exceptional customer experience if 1) no one expects it and 2) it could impact profitability? 

Negotiating felt like a game of chess—except I was playing against a grandmaster, and my queen was missing.

But there is one exception to this. 

Quote from @Drew Sygit: We give our tenants as many options as possible - EXCEPT picking up their rent.Exactly.

Personally, I follow this standard for every application I receive:- Income of at least 3 times the monthly rent (verified through the employer)- Credit score of 580+- Rental verification with past landlords (no outstanding balances, no late payments, and the property left in acceptable condition)- No history of collections, evictions, or criminal offenses- No overdue debt (except medical debt)This process has helped me place quality tenants over the years.

Tenants may not occupy residence without utility service except during brief interruptions beyond your control.

Once it is operating, it doesn't require a ton of time, save & except when you have an emergency come up.