Apartment building quick financial evaluation

[Nick Ferguson]

So I have a few units and I'm looking to expand into small multi-families.  I've explored financing options and have that secured.  I am hoping to use a mixture of my own money and passive investors but want to evaluate every deal like it is 100% someone else's money.  That way if I cannot pay a preferred return and have a strategy to return capital in a reasonable amount of time (and repeat the process), I will not do the deal. 

The problem is that every deal I analyze, I end up with negative cash flow after accounting for debt service.  Looking at my spreadsheet below, what do you guys think of my evaluation?  This is a "quick eval" spreadsheet so some values are assumed.  Am I obviously overstating some expense or is it just coincidence so far that every deal I've analyzed somehow ends up in negative cash flow?  Using the 50% rule as a ballpark should put my total operating expenses around 19,000 annually whereas I get closer to 30,000 annually with my analyses.  This deal, and others I've looked at, are in Cleveland, Ohio and surrounding areas. 

Any thoughts?