@Justin Windham thank you and agree with Linda’s excellent post.

Excellent credit. 

@Troy Studer First thing I see off the bat...I'm noticing your cap rate is getting calculated incorrectly in your excel template.

Admitting we are wrong can damage our self confidence or we think it hurts our credibility.

They have done an excellent job of capturing a large marketshare, so it make sense.

@Raj Janakarajan two excellent points made by @Edward Liu and @Alex G. about where to find zoning allowances as well as the consideration of the 5th unit bumping up to a commercial loan for most buyers.  

If the management company is excellent at their craft and they attract and retain top talent in related services (like contractors and agents, since there is a lot of overlap between PM and these fields), then the agents and contractors may be far better than the average agent in that same metro.Conversely, if that PM company is not led by a skilled business tactician they might be tempted to retain a shiza agent in their ranks so that they can capture some referral booty, with no mind to whether or not the end user client is getting good representation.I see both things happen in my market consistently, and though it doesn't create a helpful rule of thumb, hopefully it does help you in your decisions ahead.

Any major you study that provides that information would be excellent. 

@James Wachob Excellent information! 

Like a single-family starter home, condos are an excellent first step into homeownership, giving buyers a chance to obtain a mortgage and become homeowners at a lower cost and with less responsibility than a single family home purchase.