Of course, if you plan on self managing, that is not an expense line item, but when you are comparing to other potential investments, i.e. syndication deals or even stock market plays, you are not doing the work, so for a true apples to apples, you need to account for this in your returns.

If tou Sell apple and buy amazon anyone will have to pay the tax.

When I looked at 4 beds, the purchase prices jumped faster than the rents, so the return went down.My caution to you is to make sure you are comparing apples to apples. 

Seems like apples and oranges...

Comparing the 97% FNMA to FHA is apples to apples. 

And...landlords purchase properties with the expectation that poop happens and they have to make repairs.I don't want to be a crab apple every time I see my tenants, but I will charge a tenant when they smash down a door because they got locked out.

Hey if you have any questions or want to connect, I live in Apple Valley. 

Again, compare apples to apples, window units vs. central air.

I'd maybe go as far to say smart money is rushing to commodities (gold hitting its peak last reached in 2011), real estate and the stock market where any company with cash (AMZN, Apple etc) are insanely valued right now compared to higher leveraged companies even if they are usually safe havens (AT&T, VZ). 

Its comparing apples to oranges looking at investors who use these rules in markets like the mid west or the south vs Boston, which is literally one of the most attractive markets in the US.