Variations of this kind of 'problem' has been discussed elsewhere on BP, for instance in posts throughout: http://www.biggerpockets.com/forums/517/topics/64615-corporate-owned-wholesale-reos-not-on-mls?

That could translate to as low 50 bucks per month in some instances - would a property manager really have an incentive to manage a property for that monthly fee?

There is most probably still money to be made there - perhaps fistfuls in some instances - but is is one niche which is looking more and more overdeveloped and eventually the train is going to hit the end of the track.Give a shout out to @Gary McGowan .  

For instance, why do I need to know about loans, water rights, real estate sales contracts, etc, just to manage properties.

For instance I ask at the end to verify when they bought the property and for how much.

For instance, they say you might get 1 deal out of 1000 addresses.  

New data from Reis predicts the top 5 and bottom 5 metros for vacancy and rent increases in 2015.California is predicted to have the 3 of the 5 metros with the highest asking rent increases, and 3 of the 5 metros with the lowest vacancy rates as well.From MFE Magazine :2015 VACANCY RATESTop 5 Metros:Sacramento 2.2%Rochester 2.6%Providence 2.8%Ventura County 2.8%San Bernardino/Riverside 2.8%Bottom 5 Metros:Charleston 7.4%Birmingham 7.6%District of Columbia 7.6%Raleigh-Durham 7.8%Memphis 8.9%

For instance, in Texas, very few investors understand that they can and should object to all exceptions to coverage, as allowed by contract, not to mention it often provides a great avenue for termination of a contract when absolutely necessary...even up to closing. 

For instance: 1. 

For instance, InsuranceReal Estate TaxesFinancing Detail i.e. interest rate, ltv, amortization, etc.Buying Closing CostAcquisition Cost i.e. repair, rehab costReserve Amount i.e. cap ex amountVacancy RateNow if you provide us all these figures, I'd be able to give you an exact price.