I would also really suggest getting some estimates. 2.00 per s/f is the benchmark in my market.

As far as ongoing management that is a pretty standard fee that you can benchmark and give a slight discount versus the professional property mgmt companies.

@Michael Lee, I agree that "how (cap rate) is comparing to the industry norm in that area that is being experienced" is the important benchmark, but, I don't agree that "It reflects the total value and major unregulated expenses that occur like roofing and foundation repair.

What is typically the benchmark?

The first loan offered was 4.75% fixed for 5 years then adjusts 1% above the benchmark.

so work force more diverse.. but that also leads to very moderate gains in values and values because there are so many rentals are really related to what one will pay for a given cash flow and the 1% rule seems to be the bench mark for OOS investors to take the leap to other markets.. unlike the west coast were our locals are happy at the .05% rule... there is no way they are going to Memphis or Cleveland or any other mid west market for the 05% rule.. why would they with no real value growth there are better ways and safer ways to invest.So where does the investment real estate inventory come from.1. burnt out landlord syndrome there are areas of the city that many won't work in @Chris Clothier commented on those neighborhoods in a thread earlier this week. 

It seems like you use $2k per item as your benchmark; below that amount is maintenance, above that amount is capex?

I don't think I can give you a hard number to value it and list it as, but I think people will definitely look at the comp and price it as a benchmark.

Trying to see if you benchmark against anything, or you just put one foot in front of the other and keep profiting as best as you can?

include predictable appreciation (or use IRR) to have a fully loaded return calculation; otherwise, you will not be able to properly benchmark across property classes