Buying with cash. Do you still expense vacancy?

[Todd Mason]

Looking to purchase a long distance rental in a lower market and I will be looking to pay cash for the unit.  One question when running the numbers is should I expense a vacancy percentage?  Taxes and insurance will already be accounted for.  Should I double up another expense( R&M, CapX ) since it'd be an older house or would that just go into the cash flow?

Obviously I'd love for it to go into the cash flow but want to play it smart and get everyone's opinion.  Thanks!