Help Analyzing 16 Unit Rental

[Jason Bilbrey]

Hi everyone - Looking for some advice on a property I'm considering purchasing.

Offer price is 1.425m - Financing available is 4% with 20% down required. Monthly rent income is $13,760.

Monthly Expenses are:

Insurance: $593 / month (estimated)
Property Tax: $2127 / month (based on 2019)
Garage: $127.50 / month (actual)
Water: $343 /month (estimated)
Snow Removal: $80 / month (actual averaged over year)
Lawn Care: $108 / month (actual averaged over year)
PM Fees: $915.04 / month (7%)

Reserves Estimated:
Vacancy: $688 / month (5%)
Maintenance: $413 / month (3%)
CapEx: $344 / month ($250 per unit per year)

Tenants Pay their own electric/heat/cooling (owner pays water/sewer/trash/snow/lawn)

Additional comments: Property is 2 years old, 16 units, 2 bed/2 bath in each unit, with separate detached garage for each unit. Zero rehab needed.

What do people think of this deal and my analysis?

Normally I'd use 5% maintenance reserves but this property is brand new, so I went with 3%. Vacancy is about 3-5% in this area but I used 5% to be conservative.

I'd actually be self-managing and have my own property management company but paying myself the 7% self-management to compensate for my time.

What am I missing (other expenses, etc)? How do my reserves look?

I currently own 12 rental units across 3 properties, so this would be adding 16 more units.

Thanks in advance!