Often times, these are smaller self storage units, non climate controlled, but they still make great deals.  

College, schools, parks a big plant with many possible small families…needing to rentHeating and cooling central vs window unit is it essential for the climate geo zoneWater and sewer who would cover the billTaxes – by how much have those increased annually Who pays what// Look on Zillow the comparable rents// does it say includes heat or tenant pays electric or tenant pays all utilities.

The good news in these climates is that it’s also easier to negotiate your terms— but you should definitely hire an attorney to represent your interests In speaking with that lender.

Of course I need to concede I am not in California and I know the rules of logic often don't apply in that litigious climate.

Like Joe said, I will have a civil talk with them about mutual respect and how I empathize with their climate condition, and apologize for getting heated. 

And it's true expenses will be very individual to each property, so that's where I really should be getting more expert local advise to truly pinpoint what those will be, depending on the age/quality of the house, the climate, type of landscaping present, etc...

Otherwise, you could be quickly separated from the equity you bring.By the way, come spend a month in August to see if the climate will work for you.

You are making a great deal of assumptions in regards to appreciation, and I am afraid you are betting the bank (and your future) on an economic climate that may or may not happen.  

The colder climates most baby boomers are retiring to the warmer climate states.

It is not uncommon to encounter owners (or property managers) who lump the CAPEx and maintenance spend together for cash-flow tracking/projection, but someone (the owner, or accountant) should have separated them for year-end and tax filing.If the owner is self-managing, then it is also not uncommon to use {padded} management fees as a means of drawing income from the company.If the building has central heating and DHW in a climate like Iowa, your expenses are going to run much higher than Jeff Beard's 30% of scheduled rent.