But the property turned out very nice and we are happy with the updated/upgraded systems of the house and should have limited capital expenditures upcoming for a significant amount of time.

Attached is the result from DealCheck.IO, and includes Capital Expenditure of 5% and Property Management of 10%.I don't know whether this will work or not, it's a PDF file.

Looking for guidance on the following expenditures made and the application of the $2500 De Minimis Safe Harbor rules.Do either replacement of kitchen cabinets or replacement of flooring with laminate and vinyl fall under this rule? 

If you haven't heard of them already some quick rules of thumb are to look for properties that rent for 1% or more than the purchase price and generally you should expect about 50% of your rental income to go back out in expenses like property management, capital expenditure, maintenance, vacancy etc.

When I used the 1% rule for maintenance ($4500 per year) plus the above expenditures), I came out with a NOI of $22,200 after expenses.

What they quickly discover is that virtually a single capital expenditure, a few inflated vendor invoices or a slow turn, could literally obliterate that month, quarter or year of being in the black.Likewise, PM's have to be concerned with much more than "Tenants, Toilets and Trash".

@Jacob Breazile - Make sure to account for the following expenses: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 Property Hazard InsuranceFlood InsuranceEarthquake InsuranceUmbrella 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) Water § Sewer § GarbageElectricityNatural GasPropane9) General Maintenance (usually 5%) Upkeep § LandscapingSnow removalRepairsNew 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.)

Hey all,Where do we store CAPEX (capital expenditure) and other long-term money?  

Don't forget to keep reserves for maintenance and capital expenditures. 

Don't forget to keep reserves for maintenance and capital expenditures.