I would plan for at least $100/month.Next step, tenant leaves and house needs cleaned, paint touch up, maybe the carpet needs replaced.  

-Walls 2 coats of sheen of your choice-Trim 2 coats of Oil Base Enamel SemiGloss$1,750 labor only$2,300 material provided (Sherwin Williams) and touch up paint left for your property-Repairs:Material cost estimate $60-100(Labor Only)Plumbing repairs and tie in - $400Minor Carpentry - $100Wire bathroom switch - $50Repair broken window - $50-Floor Repair/Level/Floor Installation:Labor for subfloor, caulking cracks in foundation, laying moisture barrier, and installing underlayment and laminate$2,400Remove existing flooring and subfloor and rafters.Lay moisture barrier and seal house of leaking cracksInstall and level new rafters 2x10 pressure treated, and install 3/4" subfloor.Lay laminate underlayment and install laminate to match surround floor height.

Here are fees from property managers you can expect (but do note that it will vary):- Property Management fee: 20-30% (depending on the market and I think I've seen higher than that)- Repair Management Fees: Fees are tacked on top of actual cost- Setup Fees (getting the unit ready)- Design Fees (hiring a designer)- On-boarding Fees- Linen Fees- Cleaning Management Fees- Any other fees (i.e. resort fees)Expenses to expect (may vary):*Some may be covered by the property manager*- Supplies & Linens, Propane tank replacements, Water filters, - Utilities (water/sewer, garbage, electricity, WiFi)- Permit fees, TOT (local and/or state), business license fees, HOA fees, and any other local fees- Maintenance (air filters, touch up painting, plumbing issues, and etc)- New Amenities/furniture to improve listing as time passes - Upholstery cleaning- Pool & Hot tub cleaning - Gardener - Security Camera subscription- Noise / Smoke / etc monitoring - OTA service fees- etcI hope this helps!

Here the market is much more favorable for what I was aiming to do which was house hack. 2) The NumbersI found a 2 family with a fully renovated basement.Asking Price - 450,000Purchase price - 429,000Down payment + closing cost - $29,000(FHA 3.5% down) Mortgage - 3,250 all in (Mortgage + Insurance)I will be responsible for monthly utilities (Water & Gas)Top floor Unit (Unit 2)- rented at $1,575 2 bedroom 1 BathUnit 1 - currently undergoing upgrades to the bathroom and overall minor touchups such as removing the awful 1970’s wall paper throughout the apartment and repainting it with a nice shade of Grey.

Calculating 35% for 20% downpayment, closings costs, and any touch ups/renovations.

Why not touch up the areas that need it, even if it looks a little off, and then do a full repaint in the spring?

I offer tenants the option of moving out and leaving the cleaning, carpets, paint touch up to my vendors.

If you can get by 7 years without having to do any major repaints and can get by with some touch ups your even more in the clear. 

Yes, the tenant did some minor touch up and I did too, without charging him because he was a GOOD tenant and made me money.However, if I had to repaint, or cleaned it, I would have charged him.Dirt is dirt, that is NOT wear and tear.

One of the big upsides of long term tenants is that you don't need to spend money every year to touch up paint or fix little issues, like you would if they moved out.