With a good property manager and a bench of subs, why isn't this a better strategy than bigger buildings with far lower returns?

They'll most likely be pressing for full market value, making it no longer pencil. 

BP Contributors:Matthew Irish-JonesMarcus AuerbachRyan RandallMary M.Steve VaughanJim K.with Foreword by Jay Hinrich, Afterword by Joe SplitrockBigger Pockets Press 2022, $150.00

2008 vs. 2021I see no similarity, despite the fear mongers in the press.

They will make you believe that, may even be able to convince a lot enforcement officer or agency to press charges against you. ( this is called boxing you in) not charged have been filed and you think oh no I did something wrong and u plead guilty pay the fine all that blah blah, But bottom line is if they was to press charges against u and u held ur ground and fought and had a good lawyer and all that you may come out a loser in state courts but filed appeals to higher courts would finally set you free of the charges.

I am getting off the bench and actually playing

What you have to decide is if it is worth it to you to press for back rent or to just get them out of the property.

You will be very, very hard pressed to find a better property return than that.

They run the gambit from 10k/month luxury buildings to some of the seedier places that have received bad press over the years.

You would be hard pressed to find a better, more stable and safe market.