I'm planning ahead for when my portfolio is fully built out and paid off. I lean conservative/safe, I'd rather over-reserve than maximize cash flow, so even on a property in great shape with a long-term tenant, I still plan on setting aside pretty significant reserves in these categories.

For those of you further along: what's the highest percentage you'd ever budget for maintenance, CapEx, and vacancy reserves, even on a "low-risk" property? And what's your reasoning?

And then what's the highest percentage you'd ever budget for maintenance, CapEx, and vacancy reserves, on a "high-risk" property? And what's your reasoning?

I know age/condition and big-ticket items (roof, HVAC, etc.) drive maintenance and CapEx, and that vacancy reserves mostly track historical time-to-rent. I'm more interested in the philosophy behind it and how do you decide where your ceiling is, and what pushes you toward the higher end even when a property looks solid on paper?