. ($300k has to be earned to net $250k.) so you’re looking 5 years of zero vacancy and zero capex to break even.

Even though it wasn't the answer you were looking for, it is the correct answer.

We don't even call them "attorneys", we call them "lawyers".

Even competent 3rd party management can only mitigate, not necessarily address many of the issues that arise when owning lower tier properties & population growth alone is not a magic pill. 

Even minimally.

Even in a lower priced investment property, like a small SFR, what does the investor without a contingency fund do when say the ac or a furnace need replacement?  

It sounds like the 2 BR floor plan makes this process even more difficult.

I've bought several in the past few years at 8-10 caps and they have decreased already and the market is not even booming yet.

The key difference, though, was he spent months carefully getting to know the local architecs, reputable builders, and even a couple of niche design firms that specialize in modern builds for mid- to high-end buyers.

I agree get your hands dirty, you will learn, tenants can wait for weekends or evenings for most issues if you DIY.Good Luck!