My partner and I are looking at one in Houston with the expenses and deductions totaling ~45% of the gross potential rent of the property:That includes 10% for vacancy allowance15% for planned and unplanned maintenance (lawn, CAM, repair allowance)7% for property management12% for Taxes and InsurancePosted deals often excluded expenses, so I want to ask the BP community for wisdom.Questions: To the experienced eye out there, how does those expense %’s look?

Same with retail centers I generally like 2 million and above and preferably 3 million price point starting.There is a difference between a retail center with 3 tenants newly built 1.5 million all NNN plus cam from an older 15 year old building with 10 mom and pop tenants with all different leases and types gross, NN,NNN,etc. and the buyer is looking for help every step of the way.

Use a wireless router that has a secure network for you and a guest network for tenants and provide it as an included utility.Another option is to place trail cams on the front/back entrances.

We have a security cam in the entryway.

I would consider putting a cheap wifi security cam inside the front door to get notified of motion. 

For single tenant net lease that is absolute NNN then yes an owner typically does nothing.For MTNL -multi tenant net lease then even though in many cases absolute NNN with base plus CAM you still gave to look out for CAM caps and large Capex expenses the owner would usually pay upfront and try to recover over time.For instance if you are buying a center looking at roof and parking lot are 2 big ones.

Will the CAM fees assessed on top of the rent to the office have some operations profit for administering the arrangement?

The difference in pics with a DSLR vs cell phone cam can be night and day.

Cam, that is a great analysis.

Even if tenants pay base plus cam to landlord they generally do not have the funds to cover parking lot or roof right away and landlord has to pay upfront and collect cam over the years to make it up.If you want to fully update the center for new roof,re-coat and stripe parking lot, new paint and facade etc. it could run into the 6 figures for that or more depending on building size.There are companies that buy shares but they want a discount.