Insurance is expensive, there is a lot of extra maintenance like painting or electric in common areas that don't apply as much with smaller units. 

That's the same chart/data I posted above.

(I’m ignoring any extra cap-x because you said it was a condo, but you’d also add any major cap-x to cost basis).

The property will be cash flowing as soon as the remodel is over and has space for one large extra unit on the lot or two small units on the lot.

It 12 years, assuming you make no extra payments, you'll have a paid off condo that cash flows a lot better. 

I'm one of the landlords that mostly uses the credit/criminal checks as a data point to see if they were honest with me prior more than anything.

//End extra detailsI say all that to illustrate how much he seems to thrive on conflict. 

If curious, here are the last two: Jan 2023: Multifamily Real Estate is At Risk of CrashingFeb 2024: Multifamily is at High Risk of Continuing It's Historic CrashI think that the title for my 2025 analysis (likely Jan/Feb publication will be something more like:Multifamily is Finally Going to Hit Rock Bottom in Q2/Q3 2025 - Get Ready to Buy a LOT of itAs usual, I like to publish my draft thoughts here to get input from key players in the space and these forums, especially folks like @Brian Burke, to see if I am missing any high level areas, before I get into the weeds and look at the data more deeply and regionally. 

Look up market rental data to know if you're in a lower paying area.

It may sound nice to pay a 6% management fee but the extra fees can add up to be more than the other company that charges 10% with no additional fees.