Let's leave annualization out of the conversation for now.  

You can arrive with a number and try to annualize the number.Cap ex is a line item after NOI, does not affect value of the property and is used to upgrade your property.

I considered the annual reconciliation but find it's too much of a hassle, especially if it takes me a minute or so to copy the previous month's transaction, update principle and interest, and save the new transaction. 

If you looked at my P & L for each rental, the vast majority of properties have no or minimal repairs on an annual basis.

Things depends on what you're paying in annual fees now and what kind of a deal you might be able to get.

Financing:If buyer does not obtain the required financing but otherwise complies with the terms hereof the binder deposit less sales and loan processing costs incurred, will be returned to the Buyer.A. [] Application:The application for the mortgage described in paragraph 1D will be made with lender selected by [] Seller or [] Buyer.Unless such mortgage loan is approved without continued contingencies other than those elsewhere covered in this agreement within ______ days of the date of acceptance of this agreement, Seller and Buyer will have the right to terminate this agreement, and Buyer will return to Seller all the title evidence and surveys received from Seller.Buyer will make application for financing within ______ days of the date of acceptance of this agreement and in a timely manner furnish any and all credit, employment, financial and other information required by the lender.In the event the original loan application is denied, Buyer, if requested by Seller, will reapply within ______ days of such request at an alternate institution.B. [] Seller:The balance due to Seller will be evidenced by a negotiable promissory note of Borrower, secured by a valid purchase money _______ mortgage or Trust Deed on the Property and delivered by Buyer to Seller dated the date of closing bearing annual interest rate of_______ % and payable$_________ per__________ for [ ] ________ years [ ] _________ months.

{Gross Annual Profit: $6K} The second property is a 9-unit "boarding house" which was purchased in 2015 and it is worth approximately $140k; I owe $50k on a 5/1 ARM commercial loan (4.375%).

@Derek Hardin - You have to occupy the property within 60 days, so if the property is occupied and they all have annual leases till next year you cannot buy it.  

I can live with a few hundred dollars annual negative cash-flow as I work full-time and don't plan on quitting anytime soon.

My property management company does an annual inspection to make sure the tenant is taking care of the property.