So it either drives up your vacancy rate, or drives down your prices unless your units are clearly of superior quality to theirs. 

How to Find a PM – Six Qualities You Should Look For:1.

I like small professional office buildings because of the quality of the tenants.

There will be disagreement on this philosophy, but by taking the rehab to this level it provides higher ARV, higher rents and better quality tenants.  

Sure you could collect some cheap homes in the panhandle, but it's not worth the trade-off in quality of life and experience.

It helps attract business (other agents actually ask for my rental by name) and attracts quality tenants. 

What's the best price/quality for carpet for a rental in northern Columbus? 

Many things he is buying he has probably been eyeing for years. 2) Buffet buys equities in established high quality companies (vs class B and class C companies) with deep track records and solid management teams.

So, it must really be capable of killing thousands upon thousands then, unless (per your comment) you get quality medical care..

Rather than broker out the management and pay 7.5% on the 500k gross rents, we are able to get a much higher quality management by keeping it in house.