Appreciation is sort of an added bonus, but if the numbers make sense when you buy it, you'll be OK so long as rents don't crater (which I find very unlikely) and expenses don't skyrocket (which is similarly unlikely).There are a bunch of north Jersey investors on BP, a lot specializing in Newark and surrounding areas that I'm sure have a lot of insight as well.

No doubt that logic is why Donald Trump manages all of his casinos, apartment buildings and hotels.

Is just like playing video poker in a casino.

So if you do a cost seg all of that bonus depreciation gets recaptured at 25% on your taxes. 

On the other hand, if you want 100% risk free high returns on low balances, simply Google bank or credit card bonuses assuming you have good to excellent credit.

For larger Multi-family assets (100+ units), the fees are typically in the 3% - 4% range, plus payroll (leasing agent, prop mgr, maintenance, etc based on needs of the property).As @Theo Hicks mentioned, there are add-ons like a construction mgt fee.We also sometimes see an employee discount for those who live on the property.One way to increase the PM revenue is to put in a bonus structure where if you help the owner achieve X, you get a bonus.

As an added bonus, if you believe in Zestimates, then I have gained $200,000 in appreciation since owning the property as Zillow estimates the house to be worth $1 million today.

Not only if it works, but if it is a reliable strategy to use and the real life potential as opposed to the hyped writing I have just read.I finished reading the book Making Big Money Investing in Real Estate by Peter Conti & David Finkel.This particular strategy is to purchase a real estate valued at $200,000 with a 6 year lease for $1,500 a month and an option to buy in 6 years for $200,000.Then turn it over immediately with a 3 year lease for $1,850 a month and purchase option for $236,000 ($200,000 + (6% * 3 years)) with a front payment of $10,000.The $10,000 is used to pay anything that needs to be financed for upfront or just a nice bonus for the buyer.

I accept appreciation as a bonus but never plan on it when investing.

Yes those returns are correct, do not fall for the "make $250k in your first year with other peoples money scams", I will gladly open a casino and place bets on people who have never done notes and see how successful they are at raising money from investors.2.