I do not rule out more then 10% drops annually. I to have seen many many cases where we have already exceeded that rate, bigtime… I just use that value as a possible outcome with the explanation that it could be better (not likely) and it could be worse. The probability for which depends (IMO) on the type of property and the location. I think every title officer is different. For the one I work with, he gave me a login to their system which covers all of SoCal. I type in zips, and date ranges to get NODs, NOTs and REO.
No generally I do not do property management. I think getting a qualified property manager is essential for certain types of landlords, (out of state, or hands off) but I manage my own rentals without a manager. For the most part I would refer people to a qualified property manager.
