When the appropriate time comes we will hire a capable book keeper who will work a few hours a week to free up our time.

You could do a cap-ex project to convert to individually metered.

I did not see the state, but is it a capped property tax area (such as the entire state of CA)?

The $25k is either a rental expense this year or a cap ex that would be added to your basis.

I think this high of a cap adds a lot of volatility. vacancy, maintenance and cap ex 

@Ric Mittleider the last few properties that we have purchase have been sold with a cap rate around 6%. 

Here in Arizona investors want to see at LEAST a cap rate of 10% on lower class rentals [On more luxurious or in demand locations they are usually willing to go down to 6% or even 5%] That means that they want to see 10% of the building's cost is paid by the year's net proceeds.

Still others tell me they just want a cap in the double digits.

A mix of single-family, small multi-family, BRRRR, and even a 20-unit apartment.I'm a numbers guy, so I've done my research and believe I am using accurate numbers when calculating NOI and cap rates.What I've found is that on-market deals typically have a cap rate of 5% or less, and after debt service cash flow is often negative, especially at current loan rates.So do investors just have the income and cash to buy and wait for spreads to widen as rents increase?

I am expecting a cap rate valuation of between 7-8% or between 2.35M and 2.7M.