Who’s to say the market cycle wouldn’t have already ran its course a few times by then.

There just isn't enough deal flow with those at this point in the cycle. 

Some good suggestions already here.Definitely ask about properties/deals they have taken full cycle (bought, rehabbed, rented, sold, refi’d, etc) based on their business plan.

We used to look at 7 year cycles until the government tried to push Homeownership rates up which buoyed the market and made crashes much worse.

Figure 3: The Economic cycle and where the United States is (my belief).

The only draw back is that if the city raises any of those rates in the middle of your lease cycle you will have to wait for the leases to expire to raise the amount to recoup the higher fees.Finally, you could implement a RUBS program that would be separate from the lease and could recoup almost all of your utility costs.

I have bought several turn-keys in the past and have been happy with my returns (none from ROI yet) but I am just wondering if we are getting to a point in the cycle where turnkey isn’t making sense.

Only people with money are buying properties in NYC regardless of housing cycles.

Real estate moves in cycles.

One of the biggest traps we see in a down cycle is this:  The investor bought the home thinking "well, even if demand drops 10 percent, I'm still in good shape."