I know when people arrive and if they are sneaking in a pet without paying a pet fee or if more people show up than anticipated.

I am anticipating a softening market but I’d like to see if I’m being too negative. 

if you have a disposal, dishwasher, fridge, range, microwave, washer and dryer all provided, you will likely have more repair bills than only providing range and fridge.Capex will depend on both current condition and anticipated hold.  

I guess what I am saying is if I had $1,000,000 per month coming in on 3000 properties that I had loans on and netted $10,000 out of that I would consider that a nightmare of leverage and by definition a "house of cards".Back to you...if your happy that's all that matters...Right :-) Our P&I is $7,400 a month - so we would need 75% of our units vacant to not be able to make a mortgage payment (currently 0 are vacant except 2 of the units we bought last week and I anticipate leases on those this weekend).  

However, our best practices are to ensure our investor receives their payment, and if we are in a default situation we may choose to foreclose on the borrower so that our investor gets their capital and anticipated return, and we still effectively monetize the back end of the note. 

The current rents are $500, but the anticipated rents after reno are $1200.

When I read it all I was thinking is that Utah is becoming a sellers market with an anticipation of prices going up 4% possibly.

Sooner than you anticipate!

People lose their butts whenever they don't get good deals, or are over leveraged and get stuck with a property longer then they anticipated and can't afford to carry it. 

When I posted the listing on Zillow 13 days ago, the Zillow calculated rent is $4600, and that became $4300 today...Also, for the first time in maybe 10 years, I have people come in and asked if I can drop my asking price from $4250 to $4000...I think the correction that many of us on BP anticipated is starting now....