Apartment building quick financial evaluation
So I have a few units and I'm looking to expand into small multi-families. I've explored financing options and have that secured. I am hoping to use a mixture of my own money and passive investors but want to evaluate every deal like it is 100% someone else's money. That way if I cannot pay a preferred return and have a strategy to return capital in a reasonable amount of time (and repeat the process), I will not do the deal.
The problem is that every deal I analyze, I end up with negative cash flow after accounting for debt service. Looking at my spreadsheet below, what do you guys think of my evaluation? This is a "quick eval" spreadsheet so some values are assumed. Am I obviously overstating some expense or is it just coincidence so far that every deal I've analyzed somehow ends up in negative cash flow? Using the 50% rule as a ballpark should put my total operating expenses around 19,000 annually whereas I get closer to 30,000 annually with my analyses. This deal, and others I've looked at, are in Cleveland, Ohio and surrounding areas.
Any thoughts?