Simply because the interest payment alone at 7% APR will be in excess of $3K, the total gross income of the earner you mentioned.

Some gas services in San Diego are joint services(shared with another property) sometimes as small as 1/2” PE and they have an excess flow valve at the street which will trip if you exceed a certain flow.

This adds to our bottom lineThe environment gains - and by extension, ALL OF US - since waste & excess literally drop off of a cliff.

However, landlords must ensure that their late fee provisions are "reasonable" and do not violate the state's usury laws, which prohibit excessive interest rates and charges.Under Maryland law, commercial landlords are required to give tenants at least 45 days' notice before increasing rent or changing other lease terms, including late fees.

Home Depot's Preferred Pricing program, for example, can offer discounts in excess of 15% when buying that much. 

My concern with FL real estate is that if something doesn't change soon, most property will be uninsurable except through excess lines and there is very limited accountability/oversight as to whether or not these over seas insurance agencies even have the funds for payouts. 

You should only consider switching when your current software has a significant flaw or lacks features that force you to spend excessive time on workarounds.

I look for markets with a COC that fills my appetite and that has a critical number of vendors that can service me (eg: property managers and cleaners).

There should be more margin to compensate for the headache, added risk of damage, excess turnover etc.

So, any excess effort in dealing with it is likely wasted as it won't be recovered from the tenant.