How do you calculate your maintenance budget?

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For those of you owning or managing 100+ units: How do you calculate your maintenance budget?

I've heard a lot of people say $50/unit. Example - 200 units. $10,000/month for materials and labor. So if you have a maintenance guy on staff that gets paid $4K/mo you have $6,000 to cover all materials for general maintenance and materials for turnovers.

Is this how most of you do it or not?