That factors in no budgeting for capital expenditures. 

After looking at which expenses you included, I noticed that some hidden expenses are missing.Have you thought about monthly contributions to budgets for vacancies, maintenance and capital expenditures?

Vacancy, maintenance, capital expenditures...No, no no!

A 3 dollar tube of caulk or 4 dollar NP1 will do wonders for your Tylenol expenditures down the road.Note, if you live in Cali, that NP1 might cause cancer lol. 

Property management in my area runs 8% and I use about $50 per unit per month for both maintenance and capital expenditures.

NOI does not include capital expenditures, nor debt service.Cheers...

Majority of the buildings are typically older units so you you need to adequately put aside for capital expenditures. 

Will you require expenditures over a certain dollar amount to be approved by both partners?

Don’t under estimate capital expenditures, vacancy rate and rwmo costs.

This "deal" is clearly cash flow positive and will be a nice addition to the portfolio.Insurance= 250Vacancy= 415Maintenance= 250Mortgage= 1500Management= 350Taxes= 800Utilities= 100Capital Expenditures= 250