Most likely because of their attractive flat fees!

@Sarita Scherpereel so it's in a three flat building, but the zoning says there's only two units the basement unit based on what you said it's not illegal as it hasn't been cited by the city.

I wanted to avoid shady characters and losses while trying to build a rental portfolio that was rehabbed to a good standard and didn't have much maintenance issues.4.

The character of a wo/man shows when the ship is taking on water.

The biggest mistake new investors make is to walk a property, maybe explain in general terms what they want and then let the contractor come up with the SoW.For a bedroom this could be:- replace carpet- repair closet dooror- remove carpet- remove curtains, nails and screws- replace closet doors, entry door SKU#- replace window SKU#- refinish hardwood floors 144 sqft, clear/oil-based- prep and paint all woodwork- patch walls, texture, paint walls eggshell white clay, ceiling flat white- replace light fixture SKU#, replace lightswitch w decora/white, replace 3 outlets&covers- install blinds SKU#Obviously, the cost would be quite different.

I would caution on comparing these returns to the S&P 500.Real estate has been pretty much flat the last 2-3 years while the S&P has been on a great run.It's human nature to sell the lows and buy the tops.

A property built on stilts that had virtually no flat scape, but to make it worse the stilts had the property nearly overhanging hwy 163,  You likely can figure out this property. 

You mentioned a creek, so finding a few flat/clear-ish areas with a nice view of the creek could be all you need.  

For both the applicant(s) and a co-signer, you want to understand their habits...financial, employment, legal, character, etc., as Bad habits in one area typically carry over to other areas, and will land you a poor Tenant (or co-signer) choice.

Even the best managers charge a much lower rate, like a flat fee of $200 or maybe 25% of a month's rent.