Young professionals with good jobs.  3-4 beds attract families with toddlers and teens.  

My older son is in college now and since his teens every time I say they broke this or that he says charge them because he understands now.

One day when I was 16 my mother gave me a book called Rich Dad Poor Dad for teens.

To cut your own aggravation over dealing with a teen,you might want to think about having a carrot and a road map to increase the likely hood he will follow through and that you won't have to nag him to follow through.The carrot, maybe something he likes, or thinks is adult-like, such an afternoon at the driving range and lunch out somewhere he chooses for the two of you.The road map, a (short) bulleted list of say 3 books (maybe eBooks he can read on his phone)A test to ensure he has read them by pretending you have not read them yet, and have him "Teach You" what was in the books before he can earn the carrots.And if it were me I'd start with Rich Dad Poor Dad as number 1.Good Luck!

So while I may not be able to answer some of your questions, I am of the mindset that it is never too late for one to do anything.I first discovered real estate through the Rich Dad Poor Dad series in my late teens.

The 100% truth is that is sucks WAY more to be old and poor than when you are just in your teens or twenties.Good luck to you!

Also you are assuming zero rent increase and zero appreciation in your calculation.A more in depth analysis, you'd probably find an IRR in the mid teens pretty easily for your provided example.

I don't have personal experience for apartments but I do know that teens tend to find these places and any place where people hangout can become a noise issue.

So, listen to them first, I know that can be hard in the teen years (LOL) but really, no one here knows your market better than they do!

I'd like to stick it out in West Michigan for at least four more years so teens can finish school here.