Cap/ex ends up destroying your net income if any is even left after management bills out. 

I put washer and dryers in my apartments because it can get and extra $50 a month and it prevents people from tearing up the walls, doorways, and stairs bringing in their own, and because if it is my washer, I will keep it in good condition so it does not leak and destroy the floor and ceiling of the downstairs unit.

Inflation destroys the value of the debt.

If they share a good contractor and then you wind up name dropping the pm to get their business and then don't pay the contractor you have effectively damaged if not destroyed the relationship between the pm and that contractor and you have not given the pm anything.  

When Hurricane Ike hit several years ago I had to get three new roofs, a lot of new wooden fencing and some interior work done due to the leaking water from one of the destroyed roofs. 

To me the cost and risk is more than they could ever hope to make off of 18 year olds buying a house that they are going to throw parties in and destroy.

First, it absolutely destroys your ROI.  

A lot happened last year (lost businesses, riots were allowed to destroy businesses, defund the police, increased regulations, etc) that seems to be scaring people away from major cities.

I don't think I would want to be rehabbing by myself at 2am if the neighborhood was bad, or see my hard work destroyed.

In lower priced Midwest markets, repairs can destroy cashflow.