The owner also needs to save for big ticket items that may need to be replaced every 10 or 20 years such as AC, hot water heater, furnace, roof.  

As expenses fluctuate (property taxes, insurance, maintenance items, etc), the cash flow is up and down and unreliable.

I like using these for just this case.Another item to consider is since this is a 2nd floor I wouldn't be that worried since the 1st floor will heat the 2nd floor enough to not allow frozen pipes.I would also talk to an HVAC person because I believe they can also put a device to cycle the heat a few times a day or even put a secondary thermostat in the apt to take care of the minimum issues.I feel for you because otherwise you have a great tenant.

Hi everyone, I just came across this thread, and wanted to address a few items.

The other contractors that I have worked with gave me a full scope with detailed line items of what will be fixed, how much the labor is and how much the material is going to be.

Another thing we do is check to see what items need to be addressed.

Just to name a few items.

I've been pondering the same question lately.For items like HVAC filters, do you remind tenants when it's the time to change it, or just expect that they will do it?

It’s an item in our roadmap, but maybe I just need to prioritize it to the top of the list in 1H 2024.Bottom line is that I allowed us to stop supporting it several years ago, in a decision I wish I could have back. honestly, I used to use the app personally as well.

Eric,Without going into too much detail on each line item, at first I use my back of the napkin method with a 40-50% expense ratio.