For example if you were to exit a new build in 5 years there may be no cap ex cost (i can think of few cap ex items that does not last 5 years - maybe carpet in class c and lower), just maintenance costs which would be fairly small.Best wishes

Items such as this that could be easily replaced by almost any LL at a very minimal cost, will turn into a $135 aggravation at best if you overlook it!

I use this type of system in a ten unit that I own because the cost to submeter each one was cost prohibitive I usually don’t include other items like wifi/internet unless it’s a furnished/short term rental. 

Good summary of what your market is looking for but as we all know, each market tends to have its "wish / want" items which differ from market to market.Flow is definitely a selling point but make adjustments come with a cost. 

In general, I would say Kitchen, Bathrooms and any deferred maintenance should be your focused items. 

Would you have any recommendations, in your experience, for what to look out for in the documents that would be red flags or items that would negotiable?

The inspections have become so nitpicky over purely cosmetic items there has to be an extra $1-2k per year to keep up with the punch list every 1-2 years.

You've given me some solid pointers/items to take into consideration for future deal analysis, so thank you for that.

Never use an Expense Ratio %-  do a line item forecast. 

.* No calls accepted to review receipts: I have asked Jenny several times for the last 3+ weeks to get on a call to review the receipts and all of the items that are in the house, I have given her several deadlines to resolve the issue, she has never accepted any of my invitations to join any calls despite me pleading her to do so as my credit card payment is now due and has a 29.99% interest rate if not paid.I have found several people that were also affected with just 2 facebook posts.