For your payout, I don't know the full story but Airbnb doesn't cover extra fees including cleaning fees.

This will show you more evidence of the fees they really charge.

The 5% of the remaining balance late payment fee is a little much IMO. 

I think they're probably paid part of the signup fee.

Because Zelle requires more data entry I would explain with the new lease there will be a small and reasonable processing fee if the tenant kept with zelle but they can still use it.

To estimate expenses, consider setting aside a percentage for management fees, plus costs for cleaning and utilities.

I know broker fees are $500 so $12,500 in commission?

I mainly want to ask if these assumptions are reasonable and if there's anything I haven't considered:(1) multifamily units in NJ close to New York City, ~$1,000,000, 20% down payment, (2) Using the following assumptions: 4% appreciation rate, 6.5% interest rate and 5.0% refinance after 5 years, $10,000 yearly maintenance fee(3) ~$6,000 monthly rental and assume 3% increase yearly with 5% vacancy rate(4) Based on the above, the calculated IRR if selling at the 10th year is ~19% (considering tax benefits) and ~17% (without tax benefits).

Would the investor have to use an assignment contract between him and new end buyer to collect the mark-up fee aka assignment fee at closing?

It looks like water is not being paid and I can only see a small fee every month (that is over due) meaning the meter is likely disconnected.