I will be in Pensacola middle of next week around 19 Feb looking at the local landscape.

They take care of all the outside, including landscaping and exterior painting.

They also use a network of in house vendors from landscaping, to painters, to insurance agents and lawyers. 

(granite, new fixtures, new cabinet doors, new wood/carpet, new paint, new toilets, landscaping, seal/spray the tub, new lighting, new doors, etc).

My HOA is great never complaints about minor things like paint color or changing landscaping ect.

These are 5 attached 3 bedroom townhomes and 4 individual SF homes all on 1 acre of land.Please let me know if I am forgetting anything.Rent: $8,875.00Units: 9Maintenance $1,331.25Vacancy $443.75Property Manager $621.25Insurance $484.47Utilities $150 (calculated at 85% recapture on RUBS for water, gas and electric metered separately)Landscaping $300.00Advertising $73.96Ongoing Capital Expenses $887.50Taxes $702.63Purchase Price $385,000.00Rehab $78,100.00Holding Fees $17,750.00 (2 months rehab, some will rent sooner)Closing Costs $3,500.00Cash out of Pocket $484,350.00Additional ideas for extra income:Pet Rent - $10 per month per pet (the property has a huge green space for pets that I may actually fence in as a "dog park")Appliance Rental - $25 per month for w/d, $15 per month for refrigerator (I actually ran across this idea looking for my son an apartment recently)Property also has a big playground that I may remove -- not sure yet.Please let me know if there are other expenses that I am not calculating (hopefully they are small :))

I havn't physically been out to look at the property yet but got word it's been sitting up awhile & the landscaping is horrible..but I'm sure it's much more.

A large chunk of our money that is collected for assessments pays the management company bills and the landscaper, and the lawyer.

Are you sure you have included everything - all the design and permitting fees, impact fees, roads, water, sewer, electric, stormwater, landscaping, street lights, marketing costs, commissions to sales agents, financing costs and lender fees, attorney fees, recording costs.....Also, your statement "it is already in the process of being split into 1 acre lots" worries me.

The types of improvements that borrowers may make using Section 203(k) financing include: structural alterations and reconstruction.modernization and improvements to the home's function.elimination of health and safety hazards.changes that improve appearance and eliminate obsolescence.reconditioning or replacing plumbing; installing a well and/or septic system.adding or replacing roofing, gutters, and downspouts.adding or replacing floors and/or floor treatments.major landscape work and site improvements.enhancing accessibility for a disabled person.making energy conservation improvements.