@Jimmy Barrett Have you discovered the first rental that never has no vacancy. Whenever there is a turnover you usually lose a months rent and may have to paint in between tenants. I use 8% or 1 turnover per year. Capex is low. I use 10% o r $100 minimum which ever is higher. My capex budget includes 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, etc. Assume you have 1200 sf of flooring. My area it is $6 sf to replace with a moderate lvp. $7200/10 year life span/12 months in a year=$60 per month for 1 item in a capex budget, No property management. 10-12% of monthly rent.
@Tim Herman great thank you! I didn’t use any vacancy in this particular deal to start because tenants are in contract until mid 2021