So I own a few SFR and want to move up to apartment complexes.

I'm focused on multi-family complexes and I will be doing 1031s every 3-5 years. 

I am pulling the trigger on a much larger complex, though, and the depreciation expense is substantial.

Huh.A lot of apartment complexes here give referral fees to their residents.

We did this at an apartment complex we bought on 7 W/D's.

Here are the details2bed / 2bath 1000 sqft Purchase Price: 98K, Seller paying 2K towards closing costsHOA: $175Vacancy: 1/12 (8.33%)Taxes: $400/yearInsurance: $450/yearDebt Service: $390 (25% down)Maintenance / CapEx: 5% of Rent: $495/YearAll Expenses: $675Comparable rents in the area: $900 (same complex), with some upgrades could get to 950-1000. 

It is also located in another state, albeit fairly close to home, so that would add a bit more complexity I would believe. 

I personally have run the numbers on around 15 apartment complexes in the Phoenix metro area and I'm looking for someone to bounce numbers off of as a sanity check.

Back home in Dhaka, Bangladesh, we're able to purchase a plot of land, and have a builders company construct a 6 to 10 story apartment complex and they will take 50% of the units in most cases.

Complex projects will likely require a different approach.