@Keith Fuelling You don't budget enough for capex. example of floor capex. All floors are brand new as of today. Life span of 8 years. 19 units @ 700 sf = 13300 sf of flooring @ $6 sf to replace= $79800/8/12 months in a year=$831 per month for 1 item. Still have to budget for roof,hvac,hot water heaters,appliances,etc. Don't know how hard it will be to get your vacancy from 30% to 5%.
@Tim Herman very good point with the capex. I honestly made a mistake there... costly mistake!! Thanks. The place needs some repair and I was wishful thinking that after repairs were made it would make the difference in the occupancy.