If you can't book on any appreciation to offset CapX expenditures the true cost ends up being a huge hit to cash flow and can bust the deal.  

The bigger issue you might find yourself in is potential evictions and the expenditures that go along with it.

A roof over your head is an expenditure.

What if you spent that 5 minutes at the house examining your expenditures and noticing non-essential spending habits?

If you are a RE agent spending that much money on marketing every month, what are the demands to exceed that expenditure?

It doesn’t make sense to decrease minimum expenditures when you can increase income at a much higher rate

I'm inputting Capital Expenditures and Property Management at 10% each.

What you have done is traded a set hours, paying job with some benefits for a no set hours, no base pay job that will require expenditures.

As a side note, I did a research project on lotteries back when I was an undergraduate, and as it turned out most of the states simply eventually substituted regular expenditure for lottery money - in other words, all the benefits such as increased money for education et al were never realized since the states just used the money that had been allocated before the lottery to do tax cuts or spend on other projects. 

Will try to write it here instead.I'm curious about your accounting - it doesn't look like you have accounted on any of the properties for capital expenditures.