Instead it is designed as:A quick/dirty measure because it's not necessary for you to collect all data that may not be available (i.e. operating expenses, mortgage terms, repairs and capital expenditures, etc.)As a measure of liquidity (NOT performance), so this metric is used along with the other metrics like DSCR to anticipate negative cashflow.

It will be beneficial for me to play around with excel and create a mock expenditure.

You need to increase those rents to fund capital expenditures.  

Investors analyze income, costs, financing conditions, market rents, operating efficiency, and other dangers in order to assess cash flow potential.Increased revenue from tenants, extra sources such as laundry facilities, parking fees, and storage rents, as well as mortgage payments, property taxes, insurance, maintenance expenses, utilities, property management fees, vacancy allowance, and capital expenditures.

Do they make enough to cover rent plus monthly expenditures (3 times the rent is a good gauge), etc. 

I too spend about $10k-15K per property for furnishings and since you are now receiving bookings you can rest easy that "the money will come" and this upfront expenditure will be a distant memory. 

Typically when we look at acquiring a property, we underwrite a reserve for any capital expenditures that may come up in addition to at least two months of mortgage payments, which typically included taxes and insurance. 

Just reading the Multifamily Millionaire and learned about MRBA (Multifamily Repair Budget Algorithm) and the MCEBA (Multifamily Capital Expenditure Algorithm).

"Reserve funds" are typical for repairs, to cover vacancies, and capital expenditures. 

So far for the year (thru July 31), we have paid out $19,887,000 in rent to our owners and they have paid $972,000 in maintenance and capital expenditures.  *** That is an important distinction.