It's done well enough to keep the lights on with a modest profit, but definitely could do a lot better with more of that experienced property manager's "secret sauce".

Its very tough, if not impossible, to know if you are exiting right before you get to the light at the end of the tunnel.

The GC there may be able to shed some light on what you're looking to do. 

Any experiences you have had that could shed light on this would be very helpful. 

These included one of the outdoor lights not working, small common area repairs, tightening things, and a hole in a screen.

Probably that they got off light with some small procedural changes and a reasonable fine they can pay with cash on hand, compared to going bankrupt.

I would also recommend going light with your countertops.

And you have to work hard at making the home a destination in and of itself (ex: hot tub, outdoor lighting, heat umbrella, fire pit with wood, grill, sauna, games, arcades, books, great cookware, etc.).

Normally when you hear cap rates this high the expenses are not calculated correctly or certain expenses are omitted (no vacancy loss, no management fee, light on repairs etc). 

DM if I can shed more light on it for you.