The HOA, like Maintenance, covers grounds keeping and fixing toilets.

example 1: simple toilet clog.

After finding out about subletting, a thrashed back yard, domestic violence, broken doors, smashed windows, smoking, melted vinyl on the new kitchen floor, a leaking toilet, a destroyed lawn and on and on....

With our local STR's I get maybe 1-2 calls per month from guests needing something outside of my normal cleaning/maintenance process; and it's usually simple requests for things like an extra blanket or the cleaning lady forgot to restock toilet paper.

Went out to the house  - making progress Will the contractor paintingNew full bath - This is going to drive a lot of appraisal valueRough in for new toilet and sink New shower pan New A/C "ain' she a beatue"Updated Garage Side view of the garageThere was some rot under the bathtub.  

@Michael NewmanIf you don’t have cash reserves you can screw yourself real quick ~ however if you have good credit and a high income you can get by wIthout having to have a pile of money sitting in a savings account waiting for toilets to break .

You have no tenants, toilets, or taxes to bother with.

Whatever number you choose, including it in your cash flow calculations is essential.Monthly budget for OpEx:  Operational expenses, like fixing locks, doors, unstopping toilets, etc are funded through a budget of 3% of rent.  

Put in new toilets, new faucets, new P traps, etc.

But enough about philosophy, and on with the tale.In 2008, the stock market had crashed, the credit market had imploded, and the housing market was sliding into the into the toilet.