In order to determine NOI, do I include only annual repair and maintenance expenses or also a budget for long-term capital expenditures (roof, heating, etc)?

And it would actually be much lower than that because I didn't calculate for maintenance, vacancy, bad renters, capital expenditures, your time, or anything else.You must plug in the real numbers to see if this will work.

I agree with Nicholas that the capex expenditures are low.

You need to budget and an additional $929 to set aside for future budgeting items (vacancy, maintenance, and capital expenditures).

Examining the T-12 operating statement is necessary for this purpose, since it gives comprehensive details on previous expenditures and aids in estimating future expenditures as the new owner.Verify that there are no omissions or contradictions in the statement.

The rent is less but compared to the expenditure it’s a much better option in my situation.

I know their approach is to rehab the properties to address the major systems and ensure there is at least 10 years of life in them, but I'm wondering 1.) has anyone needed to take on a large capital expenditure on one of their RTR properties yet (and if so, what year into your hold period). 2.)

Renovations, starting two days post-closure, included overhauls of kitchens, bathrooms, flooring, electrical, and plumbing systems, and the addition of in-unit washer-dryers, with an average expenditure of $33K per unit.

I built a Google Forms and Sheets to track my expenditure and eventually used it balance my spending habits.

Seems to be more valuable than making $2400/year cash flow and that's without large capital expenditures.