"Adjusted" NOI would have your reasonable/conservative assumptions for maint. and capital expenditures.

Last year I replaced about 35 windows in my 6 unit property so that was a big $8,000 expense as opposed to a capital expenditure which helped a ton but still showed a profit even on that property...

But if he/she doesn't do a great job, it's not so much the price but the manager at hand.3) Personally I'd budget 10% for capital-expenditures.

7700 - 7702 NE 3rd Ct Miami, FL 33138Strategy: Value Add Investment / FlipAcquired 4/12/2016 for $230,000Mortgage: $161,000 (private hard money lender)Down payment: $69,000Sold: 7/14/2016 for $324,000 (92 days after acquisition)Renovation cost: $5,100Net Profit (after holding costs, closing costs, and capital expenditures): $81,000Total Hold Time: 92 daysCash on Cash ROI: approximately just over 100+% in 92 days; annualized ROI = 396+%This is a classic example of a small value add deal -- with an amazing ROI -- in the bustling emerging investment neighborhood of Little River in Miami, FL.

People don't include many of their expenses, capital expenditures, and vacancy.

It is pure over kill to the point of  a reasonable expenditure  limit of available funds to do this versus until I hit diminishing returns on cost.of layers and every thing else that will eventually be involved.

Vacancy, repairs, common utilities(if there are any) and capital expenditures will chew up the cash flow, and then your checkbook afterwards, on this place.  

The PM also provides a complete, detailed monthly financial report documenting each of these expenditures and all income.

US citizens bear a small percentage of the cost of taxes evaded because most government expenditures are financed from sources other than income tax (62% of 2018 expenditures [52% of the budget] came from sources other than the income tax) and because the most the devaluation costs of creating additional dollars to cover unpaid income taxes are borne by foreigners (63% of US dollars are held by foreigners, only 37% held by US citizens in 2014). 

It is my understanding that things like roofs, furnaces, and driveways are expenditures I have to pay.