CapEx & Repairs: How Much to Budget Each Month (with Condos)??

[Fredrick Hock]

Greetings,

I am purchasing a condo that has monthly HOA fees, and am wondering how much I should budget each month for "Repairs & Maintenance" and "Capital Expenditures"?

The HOA fees will cover exterior features (e.g. roof, etc), which I believe means that I can allocate less towards CapEx each month?

I will also repair everything upfront - so by the time the first tenant moves in, everything will be new or in mint condition. Therefore I believe that I can allocate less for "Repairs & Maintencance " each month?

Is this a good strategy or is there a better way to budget for "CapEx" and "Repairs"? Is there a specific dollar amount I should set aside each month? Or a specific percentage of the rental income?