@Steven Winfield a 3% vacancy factor is each tenant staying for 33 1/3 months. I use 8% or 1 month out of 12. My capex budget includes roof 25 year life span( flat roof only 15), floors 10 year life span, appliances and hot water heater 12 year life span, hvac 20 year lifespan, bath and kitchen remodel 20 year life span, etc. Floor capex budget. Assume 1000 sf of flooring per unit. My area it is $6 sf to replace with a moderate LVP. 3000 sf*$6 sf=$18000/10 year life span/12 months in a year=$150 per month. This exceeds your capex budget and is only 1 item. I use 10% minimum. PM for 4%. Not likely, 10-12%. No repairs and no closing cost.