It would be a small amount to pay annually but I feel that a lawsuit from a slip-and-fall or something similar wouldn't be very enjoyable to get roped into.

Something that will track and notify me when items needs to be done on a timeline, ie: monthly/quarterly/annually basis.   

Property/Deal Profile General Guidelines Purchase Price 700,000 1 Percent Rule (%) 0.857142857 Down Payment (%) 3.50% 50 Percent Rule 3000 Down Payment ($) 24500 Cap Rate 8.214857143 Interest 4% Cash-on-Cash Return 26.73744578 Term (years) 30 Loan amount 687,321 Income Cash Flow Rental Income 1 2500 Total Monthly Income 6000 Rental Income 2 3500 Total Monthly Expenses 5075.33 Laundry Income Storage Income Misc Income Total Monthly Cash Flow 924.67 Total Monthly Income 6,000 Total Annual Cash Flow 11096.04 Expenses Cash-on-Cash Return Taxes 750 Down Payment 24500 Insurance 58 Closing Costs 0 Water/Sewer Rehab Budget 30000 Garbage Misc Other -13000 Electric Gas Total Investment 41500 HOA Fees Lawn/Snow Vacancy 200 Repairs 200 CapEx Property Mgmt.

The first pass is based on the "Gross Yield" which is simply the ratio of annual estimated rents by bedroom count divided by the sales price. 

  $1000+ annual personal cost has now become a business expense that someone else pays for (in a round about way). 

Example:  I always want to be able to cover one month of rental income ($3,450) for my annual Vacancy reserves. 

If you ask me, even if I got stuck at the asking price, being able to walk away from renting someone else's property for $1200+/month to paying myself $500/month and then still making over 10% Cash-on-Cash annually is a pretty good trade-off and sets me up to be able to get to the next one fairly quickly.

Therefore, the $292,500, net of the land value of $5,100, carries an annual depreciation expense of $10,451.

I have a rental increase in the second year and offer an annual lease thereafter and it's never had been a problem.  

If it's a PM then plan on doing semi or annual inspections.