Distinguishing maintenance and capital expenses

[Seth C.]

Looking at P&Ls I see a lot of stuff that is placed in capital expenses that seems like it should be in maintenance, ie above the NOI line--but I don't know completely what the industry standards are.

There are things like carpet replacements, or vague "interior repairs", exterior repairs, electrical, etc.

So, Where do we draw the line, and are there any good resources/lists that can help on this one? Do you just deal with those vague items in due diligence with an amended offer?

Thanks! Seth