Quote from @Shakthi Kamal: If you don't know the answer, choose the umbrella insurance.

And given #3 above, it leaves about 20% of rent for all other expenses like property tax, insurance and other PM expenses like leasing fee, eviction fee and other minor expenses like for e.g landscaping, pest control etc.

Ultimately, it’s about whether you prioritize faster growth or a more stable, long-term approach, but either way, you're on the right track!

Insurance companies are taking a close look at building materials, quality, and updates. 

With stable tenants and money coming in every month there is little incentive to increase rents to market.

@tom shallcross summarized this well in another post and just inflate your numbers up for a $665k purchase price and $2300/mo per unit for rent.Borrow 80% which is like $3700/mo for Principal, Interest, Taxes, and Insurance.

Factor in carrying costs (utilities, taxes, insurance).2.

Second, the insurance is $1.5k which seems to be low as well. 

This is not yoursituation, but just to walk through the different thought processesin Holding/Selling that a friend of mine is going through.Helped my friend getinto the Self Storage business and walked him through the wholeprocess from evaluating the market, selecting a site, developing thesite, systems, financing, insurance, etc.

How bad is the insurance, how high are the property taxes, is there an Hoa, etc etc.