Management & Leasing FeesManagement Fee: 10% of the monthly rent = $180/monthLeasing Fee (Tenant Placement): 60% of one month’s rent = $1,080 (one-time)Lease Renewal Fee: $250 per lease renewalUpfront & Annual FeesOnboarding Fee: $350 (one-time for setting up the property)Annual Administrative Fee: $45 per year (for statements and 1099s)Reserve Fund Requirement: $300 (held for maintenance and expenses)Maintenance & RepairsOrdinary Maintenance: Any repair costs exceeding $300 require owner approval.Emergency Repairs: Up to $300 without prior approval; HVAC, plumbing, and electrical repairs can go up to $500 without approval.Home Warranty Claim Handling: $40 per claim (if applicable).Multiple Quotes Request Fee: $100 per request if you require multiple vendor quotes.HVAC Filter Supply Fee: $195 per year per HVAC unit.Repairs & Improvements: 10% markup over vendor invoice cost.Additional FeesInterest on Unpaid Sums: 10% late fee with a $39 minimum per month.Paper Check Administrative Fee: $20 per check if not using direct deposit.Insurance Documentation Penalty: $40 per month if proof of insurance is not provided.Eviction Protection Program (Optional): $15/monthProperty Damage Protection Program (Optional): $25/monthTermination FeesEarly Termination Fee: Equal to the management fees for the remaining lease term.Vacant Property Termination Fee: $500 if no tenant is in place.Transfer to Another Manager: $500 file transfer fee.

Underpriced, underperforming, value add, 20 units, cash flow potential, low risk How did you find this deal and how did you negotiate it?

Most PM's in Columbus will charge you 7-10% of gross rent as PM fee's + maintenance costs. 

After my P.M. costs I collect $940 or so/month. 

That's pretty low for a 3-BR - I'm seeing the FMR for a 3BR in that zip code is $1,850.But at $1,300 for rent, you'll probably find HMLs that may lend you around $120k if you have a good credit score in my opinion, which means you'll need $45k + closing costs.

I had to go that far away due to the insane cost of real estate in Boston, so I fully understand the predicament.

I'm new to real estate investing, but have thrown myself into learning as much as I can by joining a Veteran based investment community, have been working with my realtor and looking daily for potential multi family properties in the Dallas area for house hacking, which I've set myself an deadline to be completed by May.

@Matt Smith generally speaking it’s a combination of rising interest rates which have caused cap rates to increase (thus wiping out equity), debt is resetting at higher rates, rising opex costs due to inflation and stagnant or softening of rents due to an increase of supply.

At least his apathy only costed you $1500 and indigestion. 

In one of my markets assessments are performed every 3 years, and the cost of 3rd party appeals will cost 30% of 1 year savings.