Martin the property management argument isn't really an argument if you look at the bigger picture that most investors don't want to manage their properties anyways because they are spending most of the time on their main job.

Just remember that $70 is the gross number they charge , they have to buy supplies , insurance , tools , vehicle , gas , workmans comp etc . 

Depending on the number of jobs and number of new development going on in the area it may just be simple supply and demand.

Here are the numbers:IncomeTotalPartner ContributionsManaging Partners Debt$0.00Partners Deposits$987,459.99Total Contributions$987,459.99Operating IncomeAirbnb Income$50,186.50Square Income (Vehicles or add-ons)$6,741.04Total Operating Income$56,927.54Total Income$1,044,387.53ExpensesPurchase of propertyCost of House-680,000.00Closing Costs-$26,744.44Total Cost of Purchase-706,744.44Set Up ExpensesHouse Improvements & Care taker home addition-116017.03Adding Tiny House-52130.83Furnishings-68403.65Vehicles-43150Set Up Costs and Advertising-2339.53Total Cost of Set Up-282,041.04Operating expensesCare Takers-14535.9Additional Cleaners-1505Cleaning Supplies-2670House Supplies-1340Landscaping-4230.66Utilities (Power & Water)-8204Internet-315Pest control/fumigacion -120Pool cleaning/maintenance-2220Vehicle Gas-552.3Vehicle Maintenance and Repairs-6625.01Welcome Food for Guests-115Property Repairs-4999.64Bank Fees-1208.06Accounting Fees-1085Insurance-955.74Other Expenses-1071.2Total Operating Costs -$51,752.51Total Expenses-$1,040,537.99Net Income$3,849.54Net Operating Income$5,175.03Now 5k for an investment of 970k is not a good investment.  

It comes down to supply and demand.

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

I have seen some offers from Main Street come through, which is one of the biggest hedge fund type buyers.I've seen offers from Offer Pad and Opendoor in the last few weeks as well.

It's a combo of low housing supply, higher interest rates vs. seller expectation, and a poor economic outlook for the country.As an investor with a few rentals it's like like the parking brake is stuck on.

This is expected for the time of the year.Rentals - Months of SupplyAbout 1.6 months of supply for our target rental property profile.

A couple thoughts on your question:I tell our STR investors in Colorado that their main goal should be to set up the right way right out of the gate.