They don't realize that they want to have their cake and eat it, too.

Icing on the cake is double appreciation.  

If you can find 1% with a cake walk, then take a little extra effort and try to find something even better -- maybe 1.5% or so?

But that doesn't mean operating your own mgmt for your own properties is a cake walk. 

The triplex is in a small community that is quickly growing (Walmart home office country, Tyson foods, Little Debbie cakes), so I'm trying to head off any problems before I get there.

If they remained with the $50k assessment, the cash flow would be almost $700 - that would be icing on the cake. 

Sounds like you want to have your cake and eat it too.

Getting your license is cake I cant believe anyone wouldn't want to do it but I can only speak for myself.

@Matt Ray  since pretty much the entire mid west deep south and rust belt is turnkey land.. the parts are frankly pretty interchangeable. and I would focus on the teams... remember all of these markets the mantra is cash flow and appreciation is icing on the cake.. so if you have little to no run up in value consistent cash flow is the only driver to buy these and consistent cash flow happens with the best PM you can get and a team that rehabs to a standard that will allow you years of operation without serious cap ex.  

or is built in equity just icing on the cake if the property is cash flowing?