Also, you need to factor something in for maintenance, and you need to figure out what cap ex items are on the near horizon (roof, heaters/AC, major plumbing/foundation, etc). 

This home is mostly surrounded with roof top condominiums each selling for $550k.  

Ask around and compare to other similar associations.Then I would see if these reserves are adequate in light of the real needs of the place.For example, does it look like the place has some major capital costs coming (roof, parking lots, windows/doors, decks, HVAC, siding, grounds, common areas, etc)?

The seller has done 90% of the reno work on the property including all HVAC, roof, and some foundation work.

What would be the cost in Denver to completely renovate the home including electrical, plubling, hvac and roof.

This is an old home surrounded by all newly built condos with roof top decks etc.

My poor neighbor has a really crappy landlord and I'd like to help her but I have no idea where to start. She has had one hole in her ceiling for months and now has a hole from a tree coming through into her bedroom. ...

Roof still have 10-15 years left, new gas furnace, new ac unit central air.

Such as the desire to have impact windows, hip roofs, better drainage, the age of the roof ect.

Couple of ways to improve the accuracy of your numbers:Consider adding vacancy as a % (typically 5-10%) because it's impossible to keep all unit 100% rentedNeed to add CapEx for your future big costs (roof, HVAC, etc)Considering adding a reserve for any other unexpected expenses.Keep up the good work!