It ranges from netting $5k/yr. or so to breaking even, depending on expenditures.  

I use a 10% as a starting point for repairs and don't use capitol expenditures when determining market value.

@Alan Dunlap, that is after Vacancy, capital expenditures, maintenance, Property Management, and debt service.

Well that's great that your able to cut your fuel expenditures but living in a rural area where you're in a service industry driving to every job.

I am able to evaluate the overall condition of a property as well as accurately budget for repairs and capital expenditures. 

Capex is capital expenses (the larger expenditures that extend the life of the asset, lIke a new roof, not just routine repairs/maintenance) (you should factor those in too).

I too spend about $10k-15K per property for furnishings and since you are now receiving bookings you can rest easy that "the money will come" and this upfront expenditure will be a distant memory. 

The HOA can vote to charge every owner an assessment should a budget shortfall or unexpected expenditure (never cheap - roof, plumbing, etc). 

Depending on your definition of cash flow, ie what are you subtracting from the gross rents, expenditure an average of $200 net per unit, which means about 25 units.

Are you saying everyone should drink 800+ calories of sugary beverages a day?