First is environmental, condition and ownership of the pumps, canopy and any other equipment.

First and foremost you're going to need a great property manager who communicates well, has the same or at least close to the same mind set as you about your property, a management style that fits your needs (Turn key, Value add, HUD and section 8, etc) and who can bring personal references of contractors. electricians, etc. 

If I build two 4-plexs (townhouse style) per 21,400 SF, I don't need to have a sprinkler system.

Single family homes vs garden apartments vs high rise apartments will all have different ratios and within those classes, will all have different results in different states.It is not possible to get the number you are looking for as an accurate across the board of all investment classes for cap ex or repairs/maintenance.That said, here is a blurb copied form the NAA (National Apartment Association) which puts out data on operating and cap ex expenses for apartments of garden style and high rise: “Capital expenditures, which can include anything from concrete and masonry work to amenity upgrades to extensive rehabs of some units or a clubhouse, has steadily increased since 2010 when measured against GPR.

Very helpfulRe: 15% it can be a good rule of thumb, but understand that every project may break that rule due to specific issues (title, environmental, local government, design, etc.) but yes your permits, arch, legal shouldn't be blowing up your budget at 25% off the bat.

The place I am looking at also needs updating, (built in '81, styled like the '70's).3.

My thinking is sort of a loft style / 1 floor living because this would future proof us in our old age, don’t have to climb stairs etc and easy maintenance.

Reached out immediately that evening to the owner and was able to be the first one to take a look the following morning, seller was asking $70k for this 4bd/1ba 1,200sq ft cape code style home.

Property was a 4bd/1ba cape cod style home in an up and coming neighborhood of Lexington, KY.

The original 3 bedrooms were sectioned into dorms and the bathroom is locker-room style (multiple stalls and showers).