I think a suitable analogy is electric cars, its the difference between ford coming out with an electric car that is basically a ford festiva with  bunch of batteries stuffed in the front seats and the gas fill spout converted for a 110v socket compared to a tesla which was designed from the ground up to function as a sleek electric vehicle that is sexy and beats all records.

Apartments are "sexy" and have had a fantastic run. 

Stop getting involved in your tenants' personal lives and teen-angst, stop asking about failed suicide attempts past or present -- they're not your friends, this is none of your business.

Ultimately I think it ends up somewhere in between those two in the mid teen’s (worth noting we are already down 8% from the peak.)

I say that SFR's reduced by 50%, more around then teens %. 

THAT is why I beat my clients up for extra paperwork at the preapproval stage, and have solid, clean, and sexy formal loan approvals once in contract, that close on time and with 100% reliability.

The other (safer but not so sexy) exit strategy is that as the value of the property increases, we could change the strategy to a fixed income weolse by getting a loan from the bank that is based on the new higher valuation and would allow us to repay the jeonse tenant and get a weolse tenant in there.

I rent to some all the time (have one now) but I aim more for older, permanent, year round resident students than the traditional leave for summer teen or early 20 something. 

j/k  I have teens and those were so 4 years ago Of all your well thought-out choices, RE is still the one for me of you can get it. 

Also, real estate is sexy right now, wait until it cools off again, rinse and repeat.