35% Operating expenses for Apartment?

[John B.]

Looking for an apartment around 10 units in the South Georgia area. Expenses seem to run 27% without mgmt and 37% with 10% mgmt for C class building. Do these numbers sound right? Currently owned/managed by a local company. The Broker uses 35% for all the apartments he has listed for this seller.

[Ed Matson]

Seems low for 10 units. Can you see the actuals? Deferred maintenance? Our Op Ex runs about 40-43% with management on well run 17 year old 46 unit complex.