Cash Flow vs CASH FLOW (creative accounting inquiry)

[Ken Alce]

TL;DR: What if I (hear me out) DON'T factor in repair/vacancy/CapEx expenses in my cash flow analysis?

Hi all. I'm planning on house hacking and I'm excited. How often do the repair/vacancy/CapEx expenses come due?

I'm admittedly being impatient in wanting to buy soon and my realtor is *gently* suggesting that in this seller's market with limited multi-unit inventory (and esp. in my city where we're expecting an appreciation boom), my cash flow calculation should be income vs. mortgage/taxes/insurance/property manager only (without factoring in the "savings expenses" i.e., repair/vacancy/CapEx).

I'm blessed to have some extra cash so if something comes up (say a busted fridge), it won't break me. With the boost to my tax returns (now amplified by home ownership; I donate a lot to charity so I always get a return anyway) and expected appreciation, it may all even out or better.  

Ok ok...does it "help" if the house I'm looking out is relatively new, suggesting less risk?

Look, I know creative finance turns out to be many peoples' ruin. But scared money don't make no money! I'm just curious what you more seasoned investors think about this? Have you taken this path? Any horror/happy stories?