But some leases "auto-renew" per a clause that requires absolutely no action on behalf of the PM, and others go month-to-month, sometimes with a rent premium.

A lender friend of mine (here in Vegas) tells me they calculate by multiplying the purchase price by .0033 to get a fairly close estimate of the yearly premium rate.

You ought to place a premium on fixing your place and getting it rented because the last thing you want is a vandal smashing all your windows and walls and destroying the place for entertainment.Hopefully you get it resolved soon.

Also, "at your expense and risk" is pretty uniformed as well...EXPENSE: Someone doing arbitrage at one of your units pays rent just like anyone else (sometimes even a premium), and actually because the units are viewed as an asset not a liability, rents are much more secure in my opinion.

Often the most profitable choice is to pay a premium for a PM who goes the extra mile, acts as a buffer between you and the many headaches that can arise, runs interference between you and problem tenants, and generally brings you solutions instead of problems. 

There will be an insurance premium which is generally added to the principal of the financing (ie. you pay interest on it), though, once upon a time, you were able to pay the premium up-front. 

And you can collect a premium rent.Here is an example 3 bed 2 bath property with rounded numbers for simplicity.80k - purchase price5k - closing fees on purchase, hard money costs, carrying costs for 3 months15k - rehab costs95k - bank loan at 70% ARV (its possible to get this done without seasoning if done right)2k - closing costs for new loan7k - total out of pocket4k - option fee from tenant buyer3k - money you have left into the property once lease out$1200 - monthly rent$650 - mortgage payment (5.5%, 20 years, 5-year adjustable rate)$350 - taxes and insurance (the taxes in that area seem pretty high compared to other areas)$0 - property management (since it is a lease option, management tends to be very low and if you get a good tenant buyer it should only take about 1 hour a month to manage)$200 - monthly cash flow$7200 - total cash flow for 3 years$52,500 - profit at sale after 3 years (145k sales price - 91k loan balance - $1500 closing costs) 60k - total profit (really $59,700)667% - ROI averaged over 3 years (60000/3000/3 years X 100 to get the percent)This is how you can make a lot of money buying single family homes in the market that you are describing.  

However, it seems that the premium paid for these turnkey SFR are much higher than the premiums paid for REITs or most private syndications.

We were looking for a more traditional multi-family property but realized that we could get a premium on rents if we got two houses on one lot.

I don't get any rent premium by participating.