You note some higher comps, which is comforting, but check it out thoroughly on Craigs List, Padmapper, calling For Rent signs, talking to nearby tenants in similar properties, etc.Build in any expected rehab expenses when computing your cap rate and ROI.

Are there fewer buyers out there at the moment?

Otherwise stay close to home-- maybe a cheaper market nearby- or where you are from originally- if it's somewhere besides NYC.

This happened with storage units a long time ago - for awhile Wall St started buying all of the properly zoned land and drove down the yield to where their investors were happy but that fewer and fewer local small investors could compete.In the end this is the price of the free market.

I had no trouble doing those things myself when I lived nearby so I'm surprised I can't find someone to hire that could do the same thing.

You’re on the right track but I suggest you learn a bit more first and perhaps initially get into something with fewer moving parts.

Joshua Dorkin will likely weigh in and let you know if there is some system issue...In the meantime, could you have the prospective tenant fill it out in your presence (via laptop at a nearby coffee shop if you need WiFi)?

Nearby comparable properties rent for $750-800.

The event this year was nearby my territory in San Mateo County and Santa Clara County.

Also, I prefer fewer layers between the seller and myself- all other things being equal.