Two things come to my mind...1) If the new construction is slowing then the demand may shift to buyers looking for rehabbed homes...2) If #1 is happening then those buyers may be looking for rehabs that are at the level of a new construction which may raise the costs of rehabs.  

My PM was slow to respond and when I finally became aware of this I contacted tenants directly to apologize and then straightened things out including firing the PM.

We slowed down again when it came time for exterior veneer, since we had to find some higher end dudes for our stonework than we normally use.But the time we spent using guys that take their time and know what they were doing was well worth it!

When I was a young adult (I use "adult" loosely, because I was a slow maturer ;-) ) I learned that accepting money from my older relatives (parents and grandparents) meant I had to listen to their spiels before they handed over the money, AND I sometimes had to agree to do things I didn't always want to do. 

I started slow and did it as a hobby on the side and only got serious about 2 and 1/2 years ago. 

However, there are a few indicators in my market (Charlotte, NC) that point towards it being a bit on the overheated side: deceleration in construction projects, house flip rates very close to 2007/early 2008 levels, price expansion (appreciation) slowing down (according to some articles).

The fastest way to get rich is to get rich slow, so start now.

Attorneys are very slow to respond sometimes.

Sounds like what you'll ultimately be charged will be based more on her efficiency and competency (e.g. if she knows her stuff and is quick you'll pay less than if she's slow and confused). 

I think you're right on the money when it comes to building that review pool and/or recurring tenant base (even for less income at the beginning) and have slow easy-to-digest nightly rate increases as time goes on.