The benchmark is what people do for pro formas and try to re-write history in the future, it never works that way.I've been deeper than anybody here in physical asset investing, albeit not REI, and it's just not the case that history is relevant.

The house is needing some repairs, but have not physically looked yet.

I'd break it down into two steps.  1) Move-out & physical damages.  

It's how it goes in physical asset investing.

They will likely have an edge over you due to their local expertise, relationships and physical presence. 

There is an old joke: you don't have to run faster than the bear, just faster than your friend.There are hundreds of leases signed every week, your apartment needs to be more attractive than 50% of what's out there and it will be rented quickly.So you'll have to do some mystery shopping and (ideally) physically look at your competition.

Don't forget RE isn't a 3 year hold...10 years (less with other benefits from above included) is not a long period of time with a physical asset.

Physically collect all of the security deposits, advanced rents, keys, and any other items.5.

The main issue here is that you had to send a physical check to a "new address" to return the deposit.

Right now (Q3 2024) everything seems overbanked/overbought.Currently, my focus has been purposely broad but currently split between: A) SF business (wholesaling/rehab) I was asked to take over (on almost no notice – am still badly catching up) and B) Small balance MF and mobile/manufactured housing (<~50-100 units for physical/operational value add)I have made some progress on each but not where I would like to be although I have just recently gotten involved in the sub-institutional space again.