@Jay Hinrichs I will say about lots that were $30k and you are giving a homeowner $450k - that's a bigger discussion about gentrification I have no desire to expend on individual vs community.

This was also the time when I was aggressively expending my RE portfolio, so I had to deal with:  Lots of phone calls, Meeting with Banks and Investors, Property viewing, Reviewing deal paperwork, closing on a deal, take a call to discuss Property Management issues, lease reviews, Lease Extensions, signings, sometimes tenants issues that needed my immediate attention ... etc.

There may have been lost time and effort expended by the manager and the tenant eventually failed to qualify.

Just seems like there is quite of bit of time and energy expended, maybe building is something you like to do?

I have a small padding on my cleaning fees that I view as going toward the cost of expendables (paper goods, kitchen supplies, the occasional ruined towel, etc.).  

I can simply not expend that amount of time getting that deep into multiple markets throughout the USA and cost involved is quite prohibitive to get a full understanding.

Most PD goers are retired and have the expendable income to vacation while the PS crowd is more of a younger, party crowd.

Our purchase price right is calculated by adding the price HP paid for the home, plus the "make ready" costs HP expended to get the home ready for lease, plus closing costs. 

Some of these will not be applicable to everyone:1) Supplies -  I categorize these in two ways Durable's and Expendables.

They tend to use what ever tool in the box they have to bait you in to expending your time with them.