Overall people tend to list a high price then come down.  

I'd like to say I'm a specialist but the well over $40M in volume tends to infer otherwise.  3.  

Lower than that price and you tend to get more long-term renters than buyers.

In hot markets, investors will tend to go a bit high  The reason for MAO is that you will occasionally run into an unexpected repair, and you need to have a gap between your future selling price and you all-in price.

Putting that money into a D class asset will probably not really raise the overall value as house prices tend to average out at what the neighborhood will bring. 

I could argue that the REITs tend to not hold the same quality of property that pension funds do, so that may explain some difference in the variability.  

People tend to stay in the area for a very long time. 

I tend to believe the ones who say they can break it. 

While I agree that it may not tell the whole story and a "good tenant" may have fallen through the cracks, my experience is that people who care about their credit rating tend to be responsible as tenants (and in other areas). 

The big booming cities also tend to have high price to rent ratios as do the A neighborhoods with low crime.