I was including water(electricity is metered separate for each unit), 2% vacancies (this area has an extreme shortage of rentals), 5% cap.

There's certainly no shortage of information here.

Short answer is It won’t be large enough of popular to leave a city so that it can impact housing price (to fall) and a particular area to raiseBesides the infrastructure that many talks about, there is the input and output of labor and skilled workers, Currently the market has C amount of jobs that are WFH-able, and let’s say that is 10,000 of Software engineers in this example, the current 10,000 of engineer can decide to move to less expensive area so to speak, but most of them will not, I will explain later, you see in order for the FB or google to continue to hire SE they need to have continuous input of student into the top schools, which are mostly in better areas so to speak, FB and google in this case won’t just hire anyone, so in order for less student to go to bigger cities where better education is offered, that city needs to have a better school, and public school doesn’t fund over night, so you get the idea, then for those who lives in say LA Bay Area, if they decided to move, they will need to move to an area where good education can be offered, and they won’t be there “cheaper in price” area that we are thinking about.LA has always see a shortage in housing and that will continue to get worsen, for those that moves to TX, it’s mainly being dragged by Companies moving to TX therefore the migration, of say FB decided to move to a smaller town out of no where then yes we can see that to follow, but just a WFH policy will not lead enough people to move, lastly is that no local government will incentivize enough to bring people in their cities, like what TX is doing, because simply if they haven’t they didn’t have the resource or not being able t offer incentive for the big companies to come in therefore bringing up RE and commercial Revenue stream, those that wanted to move, has a reason to move long time ago, could be cost of living has been pushing them out, or being closer to family, and now it just gave them one more reason to act on it, but WFH itself will not be a trend to get people moving.

There are also free and low cost property management tools that will process payments for you/them, and there are no shortage of reminder/scheduling mechanisms available if they were truly interested.

There is no shortage of people who have had bad experiences with being a landlord.

Camp Lejeune NC has a base housing shortage...400 homes on base will be closed requiring service members to move off base.

The current crisis might be an exception in a sense (although no shortage of greediness here...) that many so called "expert" whom many people depended on, were blind-sided by the collapse.

That would be an additional $700,000 of value on a cap rate of 7%.Risk/Reward/Timing:These containers were $4,400 just 2 years ago due to the shortage from Covid shipments from China. 

The restrictions have been in Residential zones as the state tries to get the housing shortage under control. 

Who gets paid first if there is a shortage.