Each house needed some improvements, so I offered zero down as my cash would be improving the units and his security of the promissory note/mortgage.He accepted as this is the 1st time in 7 years that he's actually putting money in his pocket each month.BTW, I resold each individual property on terms using a wrap around mortgage (which the seller is aware of and approved) at 7% interest to other landlords.

They tend to work in more established neighbourhoods that are safer with a good, reliable tenant pool and they are a newer management group that is younger and well connected to the area today, using a lot of the latest technology to assess opportunities.

Using a couple indicators loses sight of the fact that there are many other influences on the economy.

Tenants save money when using a shared meter, so there's plenty of room for error when calculating how to distribute the charges.

These numbers should be determined using a combination of the historical financial data available, feedback from your property management company, your business plan, and the property characteristics.Generally, you can expect per unit numbers like this:Repairs & Maintenance: $200 – $500 per unitAdministrative: $150 – $350 per unitUnit Turnover: $200 – $300 per unitContract Services: $200 – $500 per unitUtilities: $800 – $1,200 per unitAdvertising $100 – $300 per unitPayroll $1,000 – $1,600 per unit (very market specific)Insurance: (very market specific)RE Taxes: (very county specific)Again, these are very general per unit numbers but they should help provide you with guidance. 

I won't be using a Wrap again. 

Are you planning on a) using a GC to run the Subs, or b) are you planning on acting as an Owner/Builder and hiring Subs yourself?

Up until this point , we have been buying the land with our cash, constructing the homes with cash, renting them out, and using a DSCR loan to pull most of our money back out. 

Last year I pushed the button and bought a house in San Diego which I've been using as a short-term rental and it's been doing pretty well.

They are used to using a sales comp approach to valuation.