Quote from @Leo Gregoire: I'm assuming you werent taking 15% of gross off the top for cap ex, vacancy, and maintenance? 

(Ensure no trespassing/squatters/maintenance issues.

As an example I was looking at a multi unit, smaller building and within 90 seconds of viewing the proforma I saw the maintenance/repair figures were "low".

All contact, maintenance, inspection, lease, anything is handled in a queue....not a call.

Is there significant deferred maintenance?  

If you supply the machines, I recommend increasing rent $100 or so to compensate for the purchase and maintenance. 

.- PM is contractually obligated to perform annual maintenance/inspection to keep property in top shape. - PM provides a cash based accounting report every month, for every unit under management, that clearly labels all rent, all expenses, including management fees, and the net directly ties to the amount of money deposited into my bank account.- PM is a licensed handyman, or has them on staff, and takes care of most unit turn work at a reasonable rate. - PM has no breakup/termination fee- PM does not take project management fees, except on large or complicated CapEx projects exceeding $5,000. 

Taxes have to be paid, so does insurance, what about maintenance? 

A good manager will handle everything from marketing to maintenance and tenant screening, saving you time and stress.Vendors and LandscapingBuilding a team of dependable vendors—like landscaping companies, contractors, and insurance agents—is critical.

I find it to be a really good selling point for tenants and with the better quality units I have less maintenance requests.