I don't see how this is a good investment for them. Keeping it empty means, they're loosing 1.3% + the cost of maintenance, HOA, and insurance (1.6% total) eve

I don't see how this is a good investment for them. Keeping it empty means, they're loosing 1.3% + the cost of maintenance, HOA, and insurance (1.6% total) every year. And since we're towards the top of the 12 year micro bubble, the long term appreciation won't be significantly more than inflation.