1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance   a) Property Hazard Insurance   b) Flood Insurance   c) Earthquake Insurance   d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)   a) Water § Sewer § Garbage   b) Electricity   c) Natural Gas   d) Propane9) General Maintenance (usually 5%)   a) Upkeep § Landscaping   b) Snow removal   c) Repairs   d) New Appliances10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...  

And make sure to account for the following expenses (if it applies):1) Mortgage2) Mortgage insurance (PMI or MIP) or FHA Risk base3) Property Taxes4) City Taxes5) HOA (Home Owner’s Association) Dues and Fees and Assessments6) Insurance   a) Property Hazard Insurance   b) Flood Insurance   c) Earthquake Insurance   d) Umbrella Insurance7) Vacancy Rate (usually 8% - the equivalent to one month a year, or 5-6% if multifamily and/or if experienced, if not use 8%)8) Utilities (you’ll have these if your tenant is not covering them and/or during vacancy)   a) Water § Sewer § Garbage   b) Electricity   c) Natural Gas   d) Propane9) General Maintenance (usually 5%)   a) Upkeep § Landscaping   b) Snow removal   c) Repairs   d) New Appliances10) Capital Expenditures (usually 5%, higher is the property is old and obsolete, less if fully rehabbed and all mechanicals and roof are new)11) Property Management (8%, even if you self manage, your time still has value and there might be a time when you'll want to be completely hands off or you'll not be able to do it, vacation, retirement, etc.), including...  

Un-grounded outlets are functionally obsolete, and will cause trouble even if your city's rental ordinances do not require updated wiring (something you should check on right away, BTW.)

So instead of a potential investment, it's more like buying a new car, guaranteed to be worth less than what you paid and likely obsolete in a much shorter time than you expected.     

I’m sorry to tell you that most of the information in the hot shot's high priced home study courses and their over-priced seminars are now obsolete.

It turns out that the box was obsolete.

The speaker deals with recruiters from BIG tech companies, and what they want from new employees is willingness to learn, because three years from now, the knowledge you learned/obtained will be obsolete, because of the fast pace of change in technology.

At the same time, demand has been steadily increasing and existing buildings are continuing to age and become functionally obsolete.2.

And if mechanicals, roof, or the electric panel are quite old or appear to be obsolete, just budget on replacing them to keep it simple and conservative.

This can make the building obsolete, like so many golf courses across the country.