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One addition to my earlier comment: run separate normal-year and bad-year cases. Normal year: eleven months’ rent less recurring owner costs. Bad year: the same, plus tenant turnover and one meaningful repair. If the investment only looks acceptable when every year is normal, the 5.1% headline...

I wouldn’t automatically assume the repair reserve is the main weakness. One month of vacancy plus management and maintenance may already be fairly conservative if the tenancy is stable. The bigger danger is double-counting turnover in several categories while missing a known owner-paid charge...

Run a small end-to-end trial with the same scenarios for every option: create a listing, capture a lead, schedule and reschedule a viewing, update a document, change access, and hand the transaction to another person. Record manual entries, corrections, unexplained duplicates and dashboard...