I'd go ultra conservative on your costs like repairs, CAPEX, and vacancy.

What I fear greatly is an ultra-conservative appraiser adding in a pile of expenses that don't exist, and sinking my plans. 

The rehab cost may be more, but like I said I'm trying to be ultra conservative with everything.

If the gap is within 30 days i'm ultra aggressive with discounts to fill it. 

I am in an ultra-HCOL country. 

Hi Chris,I don't know the Toronto market but what I have read it is ultra competitive similar to the SF Bay Area. 

When discussing Allure, I wish we could refer to WHICH Allure flooring we mean.Allure Ultra or the regular Allure with the adhesive.

From this you can see that debt free properties of any significant value are probably earning no real return since the value of your equity is eating all the income.This is a ultra conservative approach to real estate investing that in reality earns very low ROI.  

I am diversified in ultra low fee index funds. 

However if this is purely investment (is no plans to move in after some time), you need to objectively do the math on your expected return given what you think price appreciation will be over the life of your ownership ( @Leo Kotschenreuther makes an excellent point) , weighting the risk of a downturn and your ability to continue to fund this investment, and compare that to using your 500k +2k/month to fund any other investment (Amazon stock, bonds, passive investment in a syndicated deal elsewhere.... ) We are holding our San Jose MF, but I've stopped looking for my next deal in silicon valley... property here is all priced for perfection (ultra low cap rates, neg cash flow, smells like 06-07!)