You should have several low maintenance years ahead of you with this rental property.Where people get in trouble here IMO is when they build the house they want, then try to justify the expenditures that will not return (like upgrading from that pretty $5/sq ft tile to the $50/sq ft tile . . . just in the master . . . cuz it really makes a statement!). 

I would like to put $500,000 down (the same amount the seller originally put down when he bought it years ago) held in escrow to handle the capital expenditures needed after closing.

During our due diligence, we are trying to make sure there aren't any major issues to surprise us, and I plan to put aside 10% of rents a month to add to reserves for any potential capital expenditures, repairs, and maintenance.I agree 100% with your thesis. 

Maintenance is just a phone call every year, so as long as you get it evaluated and figure the additional capital expenditures and operating costs into your purchase, it wouldn't be a deal breaker for me.

I'm just wondering, how exactly do you work out how much you need to save monthly on your Capital Expenditures without viewing the property in person when you are trying to analyse a deal? 

Also on Friday (3/26), the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index (“Core PCE”) for February will be released.Weekly Change:10-year Treasuries:  Rose 0.10 bpsDow Jones:             Fell 200 pointsNASDAQ:                 Fell 100 points Calendar:Monday, 3/22:       Existing Home Sales Tuesday, 3/23        New Home SalesFriday, 3/26:          Core PCE For further information, comments, and questions:Lloyd SegalPresident

This seems like the larger question that you are dealing with regarding both time and expenditures.

We like to handle marketing on our properties and bidding out capital expenditure jobs.In regards to fees;10% seems a little high for 30 units; however it all depends on the total fees.

And there are multiple complexities and potential for abuse involved in maintenance and capital expenditures to overcome in a scheme like this. 

Biggest expense... besides any capital expenditures like the roof or HVAC...