I'm sure there isn't an exact formula and it depends on the area and other factors, but if there are rough rules that people follow it would be helpful for me to hear them.Lastly, the cash flow on this property isn't going to be much (after setting aside 5/5/5 for vacancy, repair, and cap expenditures) until I am able to bring the rents up to market rate, so I will be managing this property myself.

A HOA can be very risky so ask about them before you buy (from future neighbors) another one of thattype of unit and know their requirements or possible special assessments for capital expenditures and know if that property is close to making one. 

add “Exhibit A” with Contingencies.Within 10 Days of execution, Seller shell provide Buyer with any document related to the property, which sell include but not limited to:1.Leases, amendments, modifications2.Current or future lease concessions3.Security deposits4.Current rent rolls5.Current rent arrears6.All maintenance, utility, management, service, and other contracts.7.Financial statements for the past three years and a year-to-date financial statement.8.A description of all capital expenditures performed in the last 3 years.

I know that water is available at the road if I wanted / needed to connect, no sewer available, not sure about gas.I created a cap expenditure spreadsheet to try and accurately evaluate the costs, but Im not sure about it.

Doing a high-quality maintenance job by myself for a fraction of what I know I would have to pay a local tradesman (whom I am also sure would do an inferior job, sometimes an unsound job, as a matter of course to maximize his profit and minimize his time expenditure) also gives me immense satisfaction.Finally, I live in a city where outdated yet sound properties in passable locations can be had for very little money, fixed up for minimal cash outlay (as long as you do it yourself), and rented for competitive rates. 

I have seen this a number of times, first as an employee in a bank where my job was to pull credit on applicants...Do NOT buy a truck or car, furniture or any other large expenditure until the loan closes.  

ie do you have to pay any extra for maintenance/capital expenditures?

The pregnant one will often stock up on calories and go laterally 30 feet or so looking for a new food source for her spawn, potentially infecting a neighboring unit.When I was an undergrad, I inherited bed bugs from a previous tenant.

I am trying to first see if the deal numbers work out, so what is the best way to calculate capital expenditures?

-Cap ex ( capital expenditures, on and old brick building even with new windows and a roof I’m guessing there is significant maintenance).