If you only look at purchase price and exclude any other expenses (cap ex, closing, etc) and you're not increasing revenue or NOI in Year 1, then your cap rate and Cash on Cash will be the same.The cash on cash fluctuates from the cap rate in Year 1 due to added expenditures on top of purchase price (Cap ex, closing costs, etc) and changes in NOI for Year 1.

I had no idea what I was doing and I'm just totally lucky that the house cash flows really well and hasn't had any major problems with capital expenditures or tenants.

Do you anticipate any capital expenditures in the near future?  

PM fees would be $119 (minus all the other minor fees).My main questions is, would $438 be enough cash flow before capital expenditures for this to be worth it?

I was using 5% vacancy, 5% capital expenditure and 5% repairs which were complete guesses.

When you run your numbers, always make sure you account for the unexpected cap expenditures.

I've seen conflicting reports that says if you use any portion of the advance for COVID related expenditures it converts the entire amount into a grant, not needing to pay back anything.

You also may want to have up to 6 months of reserves for each property in case of an unexpected capital expenditure or economic downturn.

Another 10% to save up for capital expenditures (roof, furnace, etc.).

As for purchasing an existing national-credit Self Storage facility in today's market, returns are simply too skinny to make it worthwhile for the average investor, in my opinion.On the other hand, with detailed site analysis and selection, RV and boat storage can still provide an excellent return with very little Capital Expenditure to get started (aside from the land itself.)