Pro - I avoid any future repair expense.

I'd like to invest more in that area, but it's much more expensive and harder to find deals.  

There's usually a good reason why a company is cheaper or more expensive.

@Matthew Drouin had a great reply:"Typically 50% of revenue is going to go right to operating expenses on small multi family. 

Anyone that is looking at your assets is always going to need to factor in property management, so you can show that as a real expense (and really make it as high or low as you want).I work in a vertically integrated real estate and development company, and I cannot imagine how things would run if we did not have an internal property management company that essentially works for the other companies but also stands on its own.

From that point forward, you can expense repairs and maintenance without capitalization. 

Those can indicate poor management, deferred maintenance, difficult and expensive upkeep like ocean front which will bring up issues with rising oceans, insurance, and hurricanes. 

I agree with the closer to the metro the more expensive a property is, but also provides more opportunity.  

Mailing cards are expensive and needs to be done at scale.

One of the biggest complaints was the lack of places to stay and the expense for such.