That will be the biggest factor in determining seasonal demand up here.

I don't know much about Michigan other than i hear property taxes are high so you had better be factoring that into you plan! 

Factor it in, see if it is worth the costs.Con- Time- If you do plan on selling, get ready to be floored by how much there is to learn.

Key factor is - what is it actually worth to YOU and YOUR DEAL.If you can't get it for the price you require - then pass on it and find another. 

If you dont always want to manage it I would still factor in PM costs so you know if it will still work when you decide not to manage it anymore.

As stated above, cap rates are basically risk factors.

You might also factor timeline into this equation.Keep in mind that you aren't wrong about multiple doors under one roof, however, many other people have the same feeling you do, so that commodity in the market might be hot.

*Another KEY factor that a lot of people (including myself until I actually did a bunch of deals) overlook is rental supply/demand in a market.

And this factors into an IRS safe harbor. 

Looking to get some clarity on this matter -- a lot of people on BP suggests a percentage method, which I think can be a miscalculation for cheaper and older SFHs because a lot of capex is fixed, but rental income, size of house, vintage of house, type of neighorhood factors into the calculation.