The Property Manager usually does light cleaning and repairs between tenants.Recommendations or another way to think about this? 

I'd be able to put 20% down on each and have money left over for some repairs/updates.It seems like I'd initially take on more stress, less initial return but the long term scalability seems great.  

Even with the mortgage paid off, some of the $2000 in rent will go to maintenance, repairs and property taxes.

Analyze potential deals by estimating the After Repair Value (ARV), repair costs, and total expenses. 

It's an estimated cash on cash return given current rental rates subtract expenses assuming 7% interest rate, 10% management fee, 5% repairs, 5% capex and other expenses like mortgage, insurance, tax. it's a estimate to tell you what properties to analyze vs ignoreyou can see the are pockets of negative returns as well as pockets of positive return. this is to supplement the data @Devin Conley provided

I'm thinking of maybe just lumping them into a category under repairs or something but want to see if others have a It sounds like categorizing deductions under a ‘repairs’ category could work as a temporary fix, but it might not give you the full accuracy you’re looking for long-term.

Even if you break even, you will lose money every month it sits vacant, when you need repairs, property management, etc.

Each of the 5 warehouses on this campus will require updates (construction of offices/bathrooms, roof repairs, paint, siding repairs, new penetrations for doors, updates to electrical, insulation, and extension of water and sewer). 

Lowering your standards invites expensive evictions and repairs. 

Hey @Brad Roche - We do a significant amount of renovation loans (both Fannie May & FHA) here in Chicago and prefer the Homestyle loan only because it's less stringent on the borrow about what they have to repair, and they provide the general contractor a material draw at closing which helps the project start on the right foot.I thought the minimum down payment was 5%.