Low vacancy cost is the critical tenant segment selection factor.

Also I think it is important to segment the newbies into sub-categories.

Unfortunately, there is not much opportunities to make small fixes for large equity gain in that segment of market.

The next segment you may want to skip.

Nobody, except those who work in the real estate segment, care about your job title.

I also host a few weekly segments where I breakdown a new JWB property of the week. 

Current market rate is about 5% and even lower than that for the cheaper segment of market.2) PM - lots of people are self managing until rent grows to cover these costs.3) You should carefully screen the HOA and evaluate the management just like you would a PM.

Andy,We have stronger seasons than other here in AZ in certain market segments.

This means we could see segments of the market out or under perform the market as a whole.

If they dont then you need to make sure you take a close look during your inspection and also take a good RE agent who knows this segment of the market well.