4-Plex Expenses Underwriting %'s

[Brendan Miller]

What does everyone use for underwriting deals on small multifamily properties (2-4 units). Right now, I've been using the below as standard %s, but I often see realtors provide financials with much lower %s. I'm curious if I'm being too conservative and missing out on deals. 

Insurance: about 4% of gross rents

Vacancy: 3-5% depending on the market, and # of units

Maintenance: 5% (I've been offering on 'newer' properties 1990-2006)

CapEx: 5%

Water/Sewer/Trash: $75/unit/month; $300 total/month for a 4-unit

Property Management: 7-10% of gross rents depending on the market

Misc: $50/month; depending on the property, I also plug in minor costs for landscaping, legal, etc

Any additional help/input is appreciated!