Tenants should pay  utilities - they're consuming those and landlords should 'inspect' what they expect on a quarterly basis and that includes verifying that utilities are current.  

I expect that means it needs to be 15 years or more.

I have had clients that had a quote come back 5K a year more than we expected it to come back.

Painting this future image will connect your investment decisions with your goals.

I'm not sure how attractive the numbers will be however when looking at HOA dues, insurance, taxes & the unpredictability of future costs with HOA dues.

I would say to expect a floor rate of 6-6.50%

Rank every property you own from worst to best in expected capital expenditures4.

There still is a lot left to do, but I believe I am adding a ton of value for the future.

@Walter PinedaEven if someone give you a referral, what meets their expectations, may not meet yours.In our experience, the #1 mistake owners make when selecting a Property Management Company (PMC) is ASSUMING instead of CONFIRMING.It's often a case of not doing enough research, as they don't know what they don't know!

-----------------------------------------------------------------------------------------------------------Recommend you first figure out the property Class you want to invest in, THEN figure out the corresponding location to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?