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You still have the cost of lease renewals, but that's minimal when compared to the cost of turnover.  

Selling and buying something else you want keep and doing a cost seg in would help with the tax burden probably better in this situation.

Total cost of land and size?

Kudos to you for doing something to create a secondary income stream. there are 5 income streams in RE rentals, possibly six if you do things a certain way.The reality here is your model (buy box) is suffering from too high an entry and too high a cost of capital.

It was the best solution but it did cost extra. 

If the floating rate debt starts costing too much and there is no capital to replace a rate cap, reserves run out.  

If your goal is passive income, it's not going to be in New Jersey when you factor in cost to purchase, management costs, and rent to price ratio, but what you can get is steady appreciation.

Most won't insure pools with diving boards or ones without a VGBA drain.2) Include the cost of a pool company to manage the pool in the rent. 

., to 2.5x or 2.75x) since tenants won’t have additional out-of-pocket utility costs.