If there's an assessment, the board will be talking about it.A bonus is that the condo is Fannie Mae Approved.

Bonus : we were able to split the lot and still leave a very large back yard.

As a bonus, I personally know more than enough contractors that can assist in getting the property ready.  

I'm considering trying some different things out in a couple rooms, possibly a bonus room, etc. 

But if you give them a deadline and a bonus the outcome is different.   

Also remember you can also depreciate the cost of the system as well for added tax bonus (accelerated deprecation).

Re laundry money, i never include this in my calculation - i simply look at it as bonus income. your vacancy at 3% sounds low, again not knowing the location its hard to sell. 5% would be my lower estimate in high demand location and proven 100% occupancy in the last 2-3 years.Repairs and maintenance, unless the property was recently renovated top to bottom or you would renew the large items like roofs, HVAC, water heaters etc 5% and 4$ is tight. 

The added bonus, the books are very easy books to read.

@Mike Flora  I was at J Martins last Oakland event.. and Bruce Norris did the keynote and I sat with Sean at dinner.Bruce likes SFR and half the Q and A for him was exactly that when is the crash coming and how deep will it be.his comments now were geared towards west coast but I do believe they are germane in many markets.He feels a market is not heading down until 20 to 30% or more of MLS is foreclosure acitivty or short sales and in our area that boat has sailed.. there is very little of either.He did mention though that he felt MF was  to use his words  " FROTHY"  his statement was when he talks to other MF owners and ask them would you buy your property for what you could sell it for today or a like kind one.. it was a resounding NO.. which to him or his point was he felt it was over valued and at some risk for moving backwards.. and from my VERY limited knowledge on MF I suspect that only happens in an over build situation to many doors not enough renters and you have rental bonus wars..

If you made money on your first deal, that's a bonus... but the most important aspect is acquired knowledge.