Many do not budget for capital expenditures.  

How about capital expenditures?

But what about all the other expenses like on-going maintenance, capital expenditures, vacancies, etc?

My number is for big ticket capital expenditures... not repairs & maintenance costs such as paint, toilet repairs, etc.

Second, when Capex is spent, it's generally spent as a Capital Expenditure (Capex) and is not a current expense item.

Hey Daniel, Did you include other expenses associated with the property such as repairs & maintenance, capital expenditures, property management, vacancy, taxes, insurance etc. within your analysis?

Since the property is very new, there are probably very few repairs or capital expenditures.

@Nicholas Jestus Capital expenditures are not included in the Net Income.Your goal to nail down the true number is spot-on. 

CapEx is capital expenditures, big ticket repairs/replace items that you have to capitalize vice expense.

The expenditures included in the total acquisition cost must be fully documented by theborrower.When the installment land contract was executed more than 12 months before the date of theloan application, Fannie Mae will consider the mortgage loan to be a limited cash-out refinance.In this case, the LTV ratio for the mortgage loan must be determined by dividing the new loanamount by the appraised value of the property at the time the new mortgage loan is closed.