Imagine the difficulties in selling, maintaining, upgrading with 5 decision makers.

The overall market is strong and seems to be maintaining that strength, so over the long haul it will most likely appreciate.

You will likely get a better return with a fixer-upper or even a well-maintained, existing property.

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Like it or don't like it, there is a class of leaders within every populace that must maintain control.

"Deferred Maintainence", please elaborate?

I would recommend fix/maintain what the properties need.  

Is the HOA not a board organized by the owner and a few others to maintain the property?

The not so obvious ones like folks who build, install and maintain traffic signs and signals.  

My personal 20% is setting up and maintaining systems and processes to find and manage properties efficiently, time management so I can put family first, having clearly defined goals, having the discipline to wait for the right renters and buy the right property for the best price possible and continuously learning.