You also seem to be missing vacancy.

Advertising for vacancies is great - it syndicates across many platforms.It can be a little clunky and hard to learn for some things, but their customer support is excellent. 

There has been some hesitation for me to sell due to the fact the rental market here is averaging $2,500 in rent for my area and property, I make great money now and have funds to cover vacancy and repairs on the home, but I would like to be able to afford a nice rental for my fiance and I to live in while we save for our primary residence.Shoild I sell and take my profits (60-70k net) and throw into an investment closer to where I will be living or should I rent, cash flow and build equity in the property. 

That is 5% of rent for Vacancy, 5% for maintenance/repair, and 5% for capital expenses.

Hi Kevin,I think you can find much better numbers than this in Toledo.Plus, you have to include calculations for maintenance, vacancy also.If you don't think anything will go wrong, it will.It's real estate and real estate is a rollercoaster.Granted, I'm local and pick up the best of the best deals due to doing it for over 10 years.I closed on a 6 unit 2 months ago.A class area IMO.$160,000 purchase price.Rehab around $80,000 (More than I budgeted).Optimized rents between $4,000 - $4,500.ARV is $350,000+The deals are out there and don't rush in.All good things take time.Much success

@Conte Cuttino, I am having trouble following you numbers, but if you are making $664/mo in truly free cash flow after all vacancy, capex, maintenance, etc reserves are met, compared to your $107k profit after all commissions and taxes are paid, you are really only making 7.45% on your money.  

I'd want to understand the vacancy a little more as well.

Don't forget transaction costs, seller concessions, vacancy loss if you sell vacant (which you should), capital gains taxes on the profit if there is any, etc. 

I'm looking at 185k with 5% down but it seems that in factoring in all other expenses (vacancy, capEX, repairs, utilities, management, etc.)

I do not know where in California you live, but filling 11 vacancies at the same time seems like a pretty daunting task.