That is an absolutely insane amount of spending per unit, especially if they are designed to be affordable. 

Here, affordability means a lot of single tenants are choosing smaller, well-designed spaces — not settling for them — which shifts how certain assets perform especially in some key walkable areas. 

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Collin, I would make a decision from a guest experience and revenue perspective, not just design. 

Typical buckets:Income: Rent, late fees, laundry/otherOperating: repairs & maintenance, utilities, insurance, HOA, supplies, advertising, legal/pro fees, bank feesTurnover: cleaning, paint, small replacementsCapEx (capital improvements): roof, HVAC, major appliances, renovations (track separately)Liabilities: security deposits (not income)Auto: mileage (or actuals) + tolls/parking if applicable5) Year-end handoff to your CPA becomes stupid-easyGive them:P&L by propertyBalance sheet (including security deposit liability)CapEx list (date, vendor, amount, what it was)Mileage total + method1099 info if relevant (vendors)PM statements (if applicable)If you want this to feel effortless, the best move is using banking that’s designed for rentals: separate accounts by property, clean transaction feeds, and bookkeeping/reporting that’s “landlord-native.”That’s why I like Baselane for this exact question: it’s banking built for real estate investors, so the workflow above becomes the default instead of a constant discipline test.Full transparency: Baselane is a BiggerPockets partner, but even if they weren’t, the “banking-first bookkeeping” approach is still the right answer for landlords who want clean books without living in spreadsheets.

We have designated areas for guest parking. 

Hi Anthony, Rep Status is a yearly designation and is not based upon the "year of occupancy" like a cost seg study is calculated.

If you enter these consistently on a properly designed spreadsheet (one tab for each property), you should be able to just send this to your tax professional.

My goal is a net monthly profit of at least 100 to 200 dollars after all of the following are stripped from the gross rent:Operational Reserve Bucket (27 percent of gross rent)Management Fee: 10 percent (professional out-of-state management)Maintenance Reserve: 7 percent (factoring in 1900-1930 inventory)CapEx Reserve: 5 percent (roof, boiler, and sewer safety)Vacancy Reserve: 5 percentProperty Tax Stress (2.5 percent of purchase price)I am ignoring the current owner's tax bill and the Lottery Credit.

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