I’m curious why you say a percentage for cap ex/maintenance is stupid?

Here's a roleplaying softball, look forward to your home run:I'm a newer investor and I noticed that these properties have cap rates listed right on them, and a higher cap rate is a higher return, google told me that cap rate is the same as ROI on the stock market.

My other options appear to be limited and would most likely renovate, sell at ARV , pay cap gains and then reinvest the proceeds into hard money deals or commercial RE… Thanks again guys ….

Also, they're buying it just over a 5% ( noi 3 / 58) cap rate and planned to sell three years later at the same 5% cap rate, with the largest influx of new Class A multifamily to the Atlanta area ever in the next three years to compete against this Class A property, which should only continue to drive down rents or prevent NOI growth at the least.

Add those into the expenses and recalculate that Cap Rate.

TR-31 (new mandatory security) requires substantial cap ex to meet regulatory requirements. 

But if the previous owner had hundreds of thousands of dollars if cap differential it can happen very easily!  

If you haven't already, consider looking into whether or not your fiancé would have been covered under the Servicemember's Civil Relief Act (SCRA) https://www.dmdc.osd.mil/appj/scra/In certain instances, things like high interest credit cards and certain loans would be capped at 6% APR, with any overages/fees being FORGIVEN and not just deferred. 

you may want to consider notes for your cash flow... not sure how much you need but most MF and MHP that are worth owning cap rates are 5 to 6% maybe 7%. 

I'm asking this question on behalf of a client who is selling a property where the total capital gain looks like it will be less than the suspended losses they have accumulated on their tax return over the years of ow...