Animals are highly tuned in to any changes beyond those natural fluctuations, which can signal big changes in the weather.

I've seen it fluctuate.

You have ZERO statements about what THE TENANT's water bill typically was.Remember, utilities fluctuate.

Prices will fluctuate, but you don't gain or lose until you sell, just like the stock market. 

Ergo, the vacancy rates fluctuate wildly.

@Jay Hinrichs, I think this is where paying attention to local market fluctuations trumps macro economic predictions for the time being.

If I find a property that cashflows well and is a good price, I don't care about the short-term fluctuations of the market.

So $500/month for all MX/CAPEX, but by doing that I get a consistent income each month instead of it fluctuating when an A/C unit goes out, because that money is already there.I hope some of that helps as a comparison to see what another small multi-family investor is experiencing in Phoenix in a similar neighborhood.

That way the LOC balance is constantly fluctuating and should never get to 0 so that you are not paying interest on the full amount and basically you are constantly paying it back as well so that you are building credit at the same time.

Appreciation is the icing on the cake and luckily rent doesn't fluctuate like housing values.