I think leverage as a percentage of value when talking about investment properties is misleading.

It’s calculated by dividing the expected net operating income (NOI) by the expected sale price and is expressed as a percentage.

I see that he did it, but what percentage goes to investors and when?

At some point it'll go up a bit with appliances, roofs, but even then it's will be a small percentage of total rents.

FHA loans are a good way to go, but be wary of the additional percentage points you have to pay each month as PMI.

Your vacancy and collection percentages I believe are way too high for this area.

Here's the three things I know1) my relator there says that Estes Park limits there short term rental permits and that I should not count on being able to get one.2) month to month or anything long term is hard for renters to find bc of a rental shortage.3) tourists to Estes Park and RM national Park percentage increases are going through the roof each year. 

I'm thinking it will be like how you said, a flattening out or a smaller correction with prices dropping a few percent to low double digit percentages. 

I looked at our local corporate rental market, but realized that the percentage (10%) would take was more than I would be willing to give.

This is leading to a saturation of older less desirable apartment buildings which are fetching lower than market rates.Right now Kingston seems to be a solid market as it also has one of the lowest average discount percentages compared to other close by markets.