You do not want to put a unit on the market when the landlords are fighting for quality tenants as you will have to give too much away in addition to lost rent and reconditioning the units.

You will not have reserves in place to service the debt obligation or recondition the property.I understand what you are trying to do but I think everything will not go perfectly and it will take a very long time to hit 3,000 a month cash flow.

So I checked with the historical zoning district, and they assured me that purchasing a property in the historic district does not trigger any sort of mandatory-reconditioning to ensure the property comes into compliance with historic building codes.

When I was sourcing reconditioned units from a service provider I was talking to a technician and basically they pointed out that for 3 units you really won't be making any money.

Instead you rent below market with the nicest units to land the best tenants moving to the area and also away from other complexes.You want low turnover because you can have thousands in lost rent in reconditioning a bunch of times to get rent ready again.

I replaced a gas fired water heater for $500 was done quickly and was probably reconditioned.

Apartments are the same with a lot of costs (lost rent, re-tenanting a place credits, re-conditioning to re-rent, etc.).

Sounds too low for the year. 400 for repairs for a year is a pipe dream.What about eviction,lost rents,reconditioning to rent again??

And, as to equipment you can add in any overhaul or reconditioning that extends the life or performance since it is no longer just a 1982 John Deer 15kw generator, so the higher purchase can be justified.IMO, it's best to try to assign values to other assets than carry a large sum for good will for the reason Charles pointed out.

Reconditioned upon 1st vacancy.