Property flipping becomes illegal and a fraud for profit scheme when a home is purchased and resold within a short time frame at an artificially inflated value."

No common area  expenses like lawn care or garbage?

Maintenance fees are common and the include the the care of the common areas,pools lawns etc.depending on the amenities of the complex it can vary as you have found out?

You are going to see at least repair costs for mowers, weed eaters, lawn seed, fertilizer, man hours billed for cuts, etc.I would add at least 15,000 in additional costs on the conservative side for landscaping related costs for a facility that big.

Management: $240 (10%)Cap Ex: $240 (10%) (roof,water heaters, electric heater, hvacs are pretty new)Vacancy: $120 (5%)Lawn Upkeep: $120 (5%)Repairs: $120 (5%)Approx Total: $840_________________________________________________________________________________-Total Expenses/Profit Margin-Income     $2,400Mortgage: $1,350Operation: $840Profit:        $210Deal or No deal? 

Units should be rekeyed when there is a change in tenant.Inland marine exposure comes from accounts receivables, computers, contractors’ equipment (lawn and maintenance tools), and valuable papers and records (leases and mortgage).

We have all of them sharing lawn/snow and covering their own trash.  

Also, I don't know if it's relevant to this property but is there an HOA, garbage collection costs, lawn maintenance, etc, that might not be paid by a renter?

My model does include an annual maintenance amount and a big ticket amount (capex  ie roof) and finally some utilities (I like to pay the water bill and lawn maintenance so the exterior always looks decent).  

@Logan HassingerI would add lawn care to any list of expenses.