I have also set aside 6k for anything unexpected as far as vacancy or immediate expenditures. 

https://www.redfin.com/MN/Bloo...Purchase price$153,000Down payment$38,250Rent$1,649Mortgage/mo$611Expenses/mo$885Cash flow/mo$153Property taxes$133Insurance$69HOA$353Mgmt fee$825.0%Management fees (%)Vacancy$1328.0%Vacancy (%)Repairs$332.0%Repairs and maintenance (%)CapEx$332.0%Capital expenditures (%)Electricity$00.0%Electricity (%)Water & sewer$00.0%Water and sewer (%)Garbage$00.0%Garbage (%)Other$493.0%Other monthly expenses %TOTAL/MO$885Down payment %25%Term in years30Interest rate %4.928%MetricsNOI$9,170Cash on cash %4.4%Closing costs$3,8252.5%Closing cost (%)

If your principle, interest, taxes, and insurance are $2,500 a month, that only leaves $500 for maintenance, capital expenditures (roof, furnace, flooring, windows, etc.), vacancy, etc.

Keep that amount (+10%) in a Continency fund for these repairs (Capital Expenditures).  

All of the cash I derived in Rochester over those years was swallowed by capital expenditures, bad tenants and shifty property managers.  

In my experience the maintenance and capital expenditures will be more economically deployed in the apt building because it is all under one roof.

I've spent quite a bit of time figuring out how to account for capital expenditures and I feel I have a good handle on that.  

If you're looking at condos, check out monthly maintenance fees and research what major capital expenditures the condo is planning.

I think the biggest hurdle oftentimes in Cleveland is not necessarily the repairs needed if priced right (I understand exterior, foundation, roof and mechanicals are big expenditures), it's the margins and perceived value. 

While those are some of the big expenses, you also need to be budgeting in a portion of your rents for R&M, a portion of your rents for upcoming capital expenditures, a portion of your rents for a management fee (because you're either paying someone else to manage your property, or you're paying yourself to manage your property), and whatever your vacancy factor is.