Not to be nit picky, but it's easier to understand that your income is the same as cash flow after all expenses, your Net Operating Income ("NOI") is:PGI (Potential Gross Income @ 100% Occupancy)Less: Vacancy FactorEquals: EGI (Effective Gross Income)Plus: Other Income (signage, laundry machines, etc...)Less: Operating ExpensesEquals: NOINote: NOI does not include CapEx, Financing or depreciationWith a cap of 10% and asking of $455k, your NOI SHOULD be $45,500 (give or take).  

Also there is currently free laundry that could be converted to coin op. 

Apartment buildings can be one story or multi-story, include two through dozens of living units, and may provide services such as clubhouse facilities, laundry, fitness center, swimming pool, and playgrounds.Property exposures are from the electrical wiring, heating, air conditioning, cooking and plumbing systems.

If you believe that then you would need to add clauses that also require laundry to be done within X time period, garbage bags to be swapped out every X time period, etc.

The house doesn't need any outside repairs except power washing siding.

Is there anyone in Chicago that will let me wash their car and cut their grass in exchange for letting me tag along and gain some know how and experience in real estate.....I am serious.

Wash everything with the real TSP.

Ugh.Goals for the rest of the week include completing demo and washing all ceilings and walls to prepare to BIN the entire house, though the orange and yellow nicotine-coated drywall provides quite the seasonal glow.

The common areas have electricity for lighting and hot water heat and there are two coin laundries so the owner utilities consist of common area electric for lighting, gas and water for the common area heat and hot and cold water for the coin laundry. 

so...I just realized today that I had the hot water heater for the laundry room washing machine off.FOR LIKE TWO MONTHS.I was trouble shooting something and turned the breakers for the hot water heater off.