Gross Income: $20,400Annual Expenses: $13,988.40Annual Cash Flow: $6,411.60Annual expenses, include- water, lawn care, capex, property manager, maintenance, vacancy, Insurance, taxes. 

The lawn guy comes every two weeks and does the lawn and I never think about it (if there even is a lawn which most of them don't have because they're on a mountain).

Mike,what about maintenance ( lawn care, snow removal)?

Seems like an artificial way to make a market and create money. 

When analyzing a potential deal, I've been factoring in the following:leasing fee (1/12th rent per month) PM Fee + 7.5% CapEx 7.5% Repairs Principle + Interest Taxes/monthInsurance/mo Vacancy (10%)... going with the thought that tenants in single family rentals will be responsible for mowing the lawn and all utilities written into PM contract.

Simple things like larger trash can options or having a pool or lawn (constantly need to be refilled / watered) can greatly affect those numbers.Electric can vary widely too based on AC age, efficiency of house (wood vs. stucco), and living habits of the tenants.

It is introducing cheap money into the market that will artificially drive up housing costs.  

The life estate could also be seen as an artificial limitation to your investment activity. 

On move out day everything that is left in the home (including the people) can  be removed. at first when I would drive these rental areas I would say to whoever I am with.. this looks like our neighborhood on Saturday look at these people setting up for garage sales.. and then I would think they sure are sloppy with all the stuff they want to sell piled on the lawn or on the curb.. then I was informed those are forced move outs and the lovely tenants just leave their stuff there and off they go..  

I'd get rid of that $75 a month landscaping and either do it yourself or write into your lease that the tenants are responsible for all landscaping/mowing of lawn.