My CapEx portion is 200/mo, 2400/yr, In a 25 year span it's 60k which would cover roof, HVAC replacement, re-flooring, re-painting, water heaters etc.I currently am only limited to on market deals, I haven't connected with many people with access to killer off market deals for multifamily.

(this will be over a large span of time).

Gothca  I have lived and been working in real estate through 3 mid level corrections and one Massive that we all went through 08 to 2011.. and each was for a different reason.. and as such  the next will be something we probably have not thought about or what have you.. although in reality as I look at my business and how business has been transacted the last 10 years.so much inventory was bought with cash ( smart people LOL) and lenders finally figured out 100% liar loans were not to bright either ( finally got it cost them trillions but they finally got it)So the only ones I think that are really in any kind of peril in a drop is this new crop of investor who does max leverage and refi to you die and is too aggressive in building a portfolio over short span and does not really have the expeirnce or never lived or worked through a correction and does not have proper reserves to weather a correction.others will be just fine.. so many more investors ( other than the BP got to have max leverage or your an idiot crowd) are in fine shape and so I don't see a big crash coming but no question we correct we slow down..you will always have the community were the major employer fled leaving things not so rosy or the base closing or on the flip side areas like Charleston SC that's just steaming ahead billions upon Billions of dollar flowing in for new jobs and factorys  IE Boeing  Volvo  BMW  Mercedes etc etc. but you rarely hear investors on BP talk about that market because it does not cash flow ( minimum down max leverage) like other mid west markets.. so we will see..

Most components like a roof have a predictable life span.

@Michel Steele yes.  

Over about a 15 year span, I had about 5 turnovers per unit.

Who did you have managing them and what span of time did you own and rent them? 

With 5 days already that's a super flexible cancelation policy (even if Airbnb calls it "moderate") and I doubt you'd re-book that close.But yea, my confusion still remains what the heck these guests are doing that they're regularly unable to travel for an entire 3-day span. 

Each has an expected life span.

Your "recovery" of the cost of those points comes in tiny little $31 increments over a 42 month span.