But you might still be able to explain away that to a lender by citing higher than normal expenditures due to remodeling or fix ups that were essentially one time events.

With a conservative net cash flow of $59,000 and conservative improvement expenditure of $100,000 I think our cap should be at $450,000.

Do the HOA fees include maintenance and Capital expenditures?

Assuming the expenses are correct, no vacancy, no capital expenditures, no surprises then yes 885/ mo.

Good debt is made for the basic for living and/or debt taken on that will make more money come in after all the expenditures connected to it are satisfied or buying something that increase in value that have a market that you can access.Life will always have winners and losers.  

Also, with turn key would it be better to sell before all these expenditures hit.

Some suggests 6 months rent per home to help cover capital expenditures but it really depends on your risk tolerance.For us, we keep 6 months of our J.O.B. income for our personal savings and try to keep 6 months of PITI for each of our rental homes in a business savings.

I don't know how you all are spending money that needs paper receipts. 99% of my expenditures are either ACH or CC autopay's to utilities, banks or other regular things, or paid by credit card to Lowes or HD who email receipts to my 'landlord' email with the PO (unit or property) I entered at checkout.

The forum is not anti coaching just anti costly expenditures.

It’s not a huge expenditure for you, and will make their day.