However what happens when the tenant vacates and now the unit has to be turned over/takes a few months to find a new tenant and during that same period of time the sewer line goes and you get hit with that $15,000 cap ex expense in addition to the vacancy and turn over costs.

I'm assuming you are arriving at your cash flow number by applying Gross income - cap ex, maintenance, utilities, vacancy, tax, insurance, mgt, landscape/snow & Debt service?

Ex: using $300 sq ft for 2000 sq ft home it's $600,000 or $450,000 for a 1500 sq ft.

A few things we’ve been thinking about* Appreciation > Cash Flow: We care more about appreciation in a few years as long as cash-flow can cover occasional cap-ex.* Low Hands-on operation: We prefer minimal hands-on engagement.

(EX: They aren’t doing 1031’s)Pps. 

- What metrics do you use to measure "good"Ex "Hi I'm looking to buy a single family home in Richmond TX in the $150-200k price range.

I’m looking to access some of the equity in the home to buy out my ex-partner, and my goal is to either convert the house into a multifamily property or add a dwelling unit (ADU).I’d love to hear any advice from the community on the best way to approach this, particularly in terms of financing options, legal considerations, or any similar projects you've completed.

The key to the cheap ones really is the cap-ex over time.

Your taxes are none of the ex wife's business and this would seem to address your concerns.I would also put her on notice that future requests for financial discovery will be two-way and if a discrepancy is seen in the other direction you will seek support from her.

Fellow ex-Californian.