Estimating CapEx and Maintenance on Condos

[Brian Walters]

My wife and I are looking to start investing in our first property and have identified condos in our area as our best option.  Partly due to the cost, partly due to our having recently stayed in one through Air BnB.

As I'm evaluating properties I started thinking about the estimates I'm using for CapEx and maintenance. I had been using 10% of the gross income for each. But, being we are looking at condos, generally speaking, would a lower number make more sense for CapEx? Obviously there would be little/no expense for the outside of the building, no roofing, foundation, parking area, or real curb appeal expenses to worry about. I know CapEx doesn't only go to items on the outside but is anyone currently investing in these types of properties or have any general advice for this type of thing?

Wondering if my numbers are off because of this.  Of course, if anything I'm over saving, but wondering if this could lead to me passing on some units that may be worth another look.

Thank you