They include vacancy, maintenance, repairs, and capital expenditures (if you plan to outsource management in the future, they should also include management expense).  

Is the property hard to manage and will large capital expenditures be coming up in the next few years?

To ensure long-term success, I'm adopting a conservative approach with a 50% expenditure ratio.

What is your monthly expenditure going to be from doing this (on rent, utilities, etc.), and what is your down payment you need?

Prefer a close to turn key or minimal renovation ($10k). 3) Would need to be positive cash flow, or to break even after conservatives expenditures - property management, maintenance, etc.Any thoughts?

Capital Expenditures: Long-term investments play a crucial role in the success of property management, providing stability and potential for growth over time.

Can I prohibit say unnecessary expenditures?

I think that $250 per door is the Capital Expenditure amount you will put aside per unit per year.

While there's a smaller pool of potential tenants to choose from, there is also a very small number of available rental units.A few expenses I noticed missing from your numbers were vacancy, insurance, and capital expenditures.

I am using the following numbers:Vacancies - low in my area so I'm using 8%Repairs  - 5% of rental incomeCapital Expenditures - 5% of rental income + 1% for every decade over 20 yrs property age (i.e. 7% for a 40 year old house)Management - 12%  (expecting 10% + 1 mo per new tenant)So this adds up to at least 30% of my income.