Storage has become a discretionary expenditure and then you have businesses that use storage that may now not need it or can't pay for it.

We keep a 20% reserve for vacancies, repairs, and capital expenditures.  

My other 2020 goal was to stockpile cash for capital expenditures and to be able to take advantage if the market cooled off in 2021. 

1) It does OR does not include mortgage  2) It does OR does not include property taxes  3) It does OR does not include "subjective monthly cost" (i.e. estimated; vacancy, repairs, capital expenditures)   *I have read that it does not include mortgage, taxes and/or capital expenditures. 

The older the property the more likely these high-cost expenditures will come due. 

This inflates changes in net capital expenditures, changes in working capital, reinvestment rates, profit margins etc...

--Warren BuffettAnnual income twenty pounds, annual expenditure nineteen six, result happiness.

Create a google spreadsheet and track your spending to figure out what expenses you can cut - it is amazing how much you can save when you are actively looking at your expenditures. 

Couldn't get actual financials, very little info on rent roll or capital expenditures, they insisted that I sign a non-circumvention agreement (which proved they didn't actually have the property under contract).I think if you want to deal in larger properties, become a commercial broker.

My estimated mortgage is $650/mo+ another $500/mo in utilities, maintenance, capital expenditures, tax, insurance, all that good stuff.