With the potential softening of prices and difficulty filling units I think we are headed for a small correction so conservative underwriting, to me, is key right now.

If the market does soften a bit, I can't help but to think that the interest rates are going to have to increase at least a significant amount in comparison to where they are now.  

We are looking for insight regarding calculating depreciation/wear/repair costs of common use items (refrigerator, freezer, W/D, gas fireplace, A/C, furnace, oven, stove, dishwasher, water heater, water softener, etc.).  

Do you think prices will soften a bit here in the fall/winter or when foreclosures start to open a little bit?

In my area is very common SFR tenants pay for utilities, therefore utilities are not included in my property leases (electrical, gas,  water, sewer, garbage, salt for water softener, etc). 

To soften the blow, you could even print a recent article that explains why rents across the country (or your particular area) are increasing at such a high rate.This gives you 3rd party verification and shows you are not just pulling numbers out of thin air.I imagine the tenants will not be surprised, and will likely be wondering what took so long for the rents to increase over the years.I read a recent news article about a lady in Plano, TX that got an increase notice of $750…yes $750 on top of existing rent rate. 

I would usually say you could get $1400 for a 4bed in Lincoln even in a not great area/busy street but the market seems to be softening a bit and you have definitely missed the summer moving season so it will be hard to rent it out now until the spring.

This also greatly reduces the tenant “shock” since a small increase every year is much less than a big lump sum increase every 3-5 years.I try to keep my rents a little lower than market rate so it is easier to find tenants.Another way to soften the blow is to print a recent article on rent increases in your area.

We'll do some deferred maintenance first to soften the blow.

Price softened a lot and i see a lot of inventories, you might want to start making some offers at 75-80% of listed price for properties listed over 90 days and close to your range ..