As a matter of fact I'll go further and say that in most cases* personal home ownership is not an "investment" at all, but a significant expenditure and lifestyle choice.

@Erin Spradlin I have no regrets having invested in my STR in the Smoky Mountains some 4 years ago and I’m actually now dealing with our 2nd natural disaster in the area with my first being the horrible wildfires a few years ago in the area that squashed almost all of a holiday season with significant expenditure on smoke damage.

I want to ensure that I'm covering myself safely for Capital Expenditures; but are not some of these situations, not all but some, covered by the home warranty and with that do you subtract that amount of coverage from what I should budget for each month for Capex?

As nice as it would be to have it continuously rented, even if it was vacant for six months, if I charged double for the other half of the year it was rented, I'd be even with the rental income I'd have collected if someone had signed a one year lease.Capital expenditure repairs are something that makes me a bit nervous too, especially since many of these quadplexes seem to be built between 1920 to 1960, give or take.

I wanted to get at least 250 a door on the multi with out capital expenditures.  

With many properties that are marketed as turnkey and even companies that market themselves as turnkey, you will still deal with capital expenditures.  

Things can go wrong if the market tanks, vacancies and capital expenditures come up that they don't have the cashflow(from income or other sources) to maintain, etc.On my investments, it's a requirement that it cashflows $150/door with whatever financing I have in place.

Repairs done before that date are considered capital expenditures.

 @Kenneth Hynes:On MF, capital expenditures are below the line.

Lastly, you'll want to include an annual expense for capital expenditures.