Think through how you go about defining capital expenditure vs repair, as this may come to bite you taking all as capital expenses (depreciation recapture upon sale, whereas repairs have no recapture).

However, we look at it as over the 10 years, even if we had to put $200 a month into the property (for Cap X expenditures, lost rent, maintenance etc.) that at the end of 10 years we will have a property that is worth $124,000 plus.

Normally, I would let my PM do this, but we had unexpected capex expenditures. 

my guess would be water,sewer,taxes,insurance, maintenance, capital expenditures, common areas (everything but the principal +interest ) 

I'm not a single mother though, I will have help from the father (that info plays into my money expenditures).

Anticipating lots of expenditures do to the ages of the homes in the area.As far as the leveraging, the plan is to use the equity in the homes to leverage deals after the exchange.  

You really need to look at capital expenditures.

Not trying to twist the knife once it's already in here, but you also aren't accounting for other expenditures such as taxes, insurance, vacancy and any other ongoing maintenance.

That for me would include capital expenditures.

(viii) The cost of any Capital Expenditure to the Building or the Project not covered under the provisions of Paragraph 2.3 provided; however, that Lessor shall allocate the cost of any such Capital Expenditure over a 12 year period and Lessee shall not be required to pay more than Lessee’s Share of 1/144th of the cost of such Capital Expenditure in any given month.