(Thank you for sharing about your experience with such detail), I would have more confidence.

Sean, thank you for the detailed response!

A few more details would be helpful.

For a detailed explanation, see an earlier comment by @Ashish Acharya.Assumptions are not controversial, either.

High-quality photos and detailed property descriptions are key. 

As to the $120k estimate, I am probably a little hasty and loose with that too. 

We spent weeks analyzing the details.

This is the exact same approach we are taking - information has gone out a few times in our newsletters over the last year and a half, with more details available upon request, along with FYIs to clients at year end or other regular meetings. 

As an experiment I invested $30k each in the 10 REITs which had (according to average estimate of NAV) the largest discounts from net asset value as per market price).

In 8 years and over 20k reservations we have had 15-20 incidents I would estimate.