This seems really high to meXCan this amount increase after closing?

That's just a first glance, but that might lead one to lean towards Sacramento as a play for appreciation and rent increases over time, but lean towards Stockton for cashflow today since the prices are lower.... up to you what your goals are.Anecdotally, you hear a lot more people saying "I'm taking my high income job working from home, and moving my 'home' to Sacramento, and just driving to the Bay Area once a month for the monthly work meeting!"

Here's what I set aside per unit:Taxes:  ~ $100 per monthTurnover expense:  3.5% GSRWater/Sewer/Trash: $30-$45 per monthMaintenance: 12%Cap Ex: 2.5%Overhead: 1%Insurance: ~$25/mo.Debt service (100% leveraged): $350-$400EVERYTHING ABOVE is increased by 10% to account for vacancyAll told, each unit still cash flows between $100 and $200 per month.These are B-/C+ small MF properties.Note I do not pay for management as I self-manage, but that is offset by the increased debt service created by the 100% leverage. 

I believe adding partners should be based on increasing revenue and profits. 

Because this article takes a different approach and median price increased ...

After you will be done with deferral maintenance in a few years you may be able to increase the rent and see a better cash flow. 

Yes, although there seemed to be increased competition the last time we were looking to purchase in Indy from the year prior when we bought our first rental there.

Also, you already increased the fence height  that’s enough accommodation for a tenant who just moved in and hasn’t shown enough worthiness to keep spending more time and money. 3-day fix or quit.

@Shayne Mahoney Hi Shayne, it's gotten increasingly more difficult in recent years but it is still possible.

If it does not have a direct coloration to your bottom line there is no reason to spend money other than necessary maintenance.