Looking at your lease terms compared to what I see on the ground during inspections:1) The big issue is where the cord goes. 

It's a great way to start out and set yourself up for your next deal and far less risky compared to doing a flip for your first deal. 

We recommend you get management contracts from several PMCs and compare the services they cover and, more importantly, what they each DO NOT cover.

In general, STR with PM does not worth the hassle comparing to LTR with the following exceptions:1.

What do comparable houses look like?

And the market here in Berkeley is very hot, so it makes me a bit confused when comparing this situation to people who talk of REI in lower costs and cooler markets, as I'm not sure how well the numbers translate.

Looking at Zillow, I can easily find comparable properties in the area that were sold for less - with a bit of cherrypicking I can find examples going for 30-35% less2.

@Trevor Fleck Good advice comparing real estate to stocks as far as managing one's portfolio.

any tools that jersey locals use for our market or have helped you close on deals or watch market news, etc?

Good to compare notes and learn some new methods!