Expense ratio of 10-30 units buildings in metro Denver

[Tom McDermott]

I am analyzing 10-30 unit apartment complexes in the metro Denver area. While the "rule of thumb" is to estimate expenses to be 50% of gross potential income, I have not come across an OM that had expenses higher than 40%. Most are in the 28% to 35% range.

Can anyone provide some ground truth as I am new and do not have previous experience to rely on.

Tom