@Robert Collins Way low on capex. A capex budget needs to include but not limited to: roof 25 year life span, floors 10 year life span, appliances and hot water heater 12 year life span, hvac 20 year life span, bath and kitchen remodel 20 year life span. Let's assume 1200 sf of flooring. In my area it is $6 sf to replace. $7200/10/12 months in a year=$60 per month. You will have a $2.50 excess to cover the rest of the items in a capex budget. I use a minimum of 10%. Insurance looks a little low.
@Robert Collins minimum insurance for me is $50 per month per unit. I think my cheapest landlord policy is $60 per month now. I can't answer your question on hard money lenders, maybe someone else will chime in. Yes capex is the most underestimated expense beginning investors make. it doesn't make any difference if everything is brand new. What makes a difference is if it is old. Using the flooring example before. Let's assume it has been a rental for 5 years. You now have only 5 years to recoup enough money out of the rental to pay for the replacement. $7200/5 years left on life span/12 months in a year=$120 per month capex for floors alone.