Sean, I have some deep domain expertise here.For starters, I own 12-doors in Detroit (from California).

In fact I think truancy is a real concern. 3% of rent which if it was $2000/month or $24k/year, a fee of $60 or $600 would not be a premium, rather a deep discount from the STR fees or PM fees I hear coming from Bullhead City, AZ or LA, where they range anywhere from 10% on up.April did you use Nomad after all? 

Sounds like a deep dive into the numbers is what you need.1.

That also happened while we were in the middle of a deep recession and credit crunch, unlike today.

Mainly buying up LTR'S for cash at a deep discount. 

The last thing you want is to get elbows deep and run out of capital because then you won't even have an exit strategy or a place for your mom to live.

I dont think any rehabber in that city would have thought for a minute to put up fencing and hire 24 hour security this is not South Chicago or south of 8 mile Detroit or any number of rough neighborhoods in the mid west deep south.. this is a pleasant farming community with money. 

We have a deep background in heavier value-add projects and we like to take a long term view on our investments.

But if either 1) the line is very shallow, only a few feet deep and thus not a lot of digging is required, 2) the line is very long, like over 100 feet, and so it actually is substantially more expensive to replace the whole thing or 3) if the break is under dirt but the line goes under the driveway or a large amount of concrete.

They are a special asset class that take some deep knowledge.