I think 550sq' for a studio, 700 for a 1 bed and 800 for a 2 bed is pretty common for apartments.

@Dave StokleySaw your post here on running STR properties and the common misconceptions.

The Sellers are retiring and the common sense kind of people - they run the operations and let professionals handle taxes, bookeeping, legal, etc.

For an investment property, the most common type of loan is a debt service coverage loan (DSCR) which qualifies you based off the anticipated rental income of the property.

Seems common with older houses especially those 100 year old houses in the north Jersey area.

Joanne, There could be several downsides, but as long as you and your agent are managing the program, they can be avoided.A common issue many new investors run into is that they assume because their company was the most competitive on singles and duplexes, that company will be competitive on ALL of their properties.  

The most common portfolio style loan in Texas is a 20 year adjustable rate loan.

The biggest issues we faced was equipment breakdown as customers routinely abuse the equipment  the most common repair ws due to over stuffing the washers and using the washers to dye items.

Your predicament is pretty common.  

I seriously think that this effect is limited to SF and duplexes beyond that you will face what is called the "tragedy of the commons".