It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

If it wasn’t the insurance it would have been the property taxes.

Account Closed I have had tremendous success using direct mail and mailing the owner of record where the tax bills get mailed to.Generally, property management companies don’t pay the real estate taxes so this gets me right to the owner.Targeting wise, I would just do a zip code filtered by unit count using a service like listsource.  

Lower Repair CostsHiring licensed contractors for minor fixes can be costly.

I will not comment as to the tax laws and underlying rules - that is a discussion you can have with your tax advisor who presumably you are paying to help you.What I will do is provide practical and business guidance on tracking time.Firstly, there are apps available that can assist with time tracking where you can specifically detail your time, who you met with, etc.

High taxes, a declining population, and an environment that is less than friendly to businesses are important factors to consider.

I then would have my tax cpa enter in or do it after discussing tax based items (depreciation- MACRS, reserves, year end accruals, reserves, etc.).

At the same time I find myself participating in other forums I used to ignore, like the taxes and short term rentals forums, because those have become bigger focus areas (and pain points!)

For an absentee landlord, it would seem that a condo could have less maintenance headaches than a SFH and lower risk in general. 

Taxes and insurance will be another $400+.