.$100,800 Potential Gross annual income ($5,040) 5% Vacancy Factor - could be more ----------- $97,760 Effective Gross Income($26,400) Taxes, Ins, Water, Sewer($ 9,576) 10% Property Management($ 9,576) 10% Maintenance($ 1,000) Misc Fees, snow removal etc.------------$49,208 Net Operating Income$49,208 @ 8% Cap Rate = $615,100$49,208 @10% Cap Rate = $490,208$49,208 @12% Cap Rate = $410,066The numbers could slightly be skewed by higher/lower vacancy factor (5% is the lowest I would ever use).

I'm figuring work started in December will wrap up in mid-February or maybe even later, given holiday and snow delays.

Someone has an accident in slippery snow and falls in one of the properties.

It ignores vacant unit, clean up and marketing between tenants, eviction costs, damage, routine maintenance like the roof, hot water heaters, appliances, lawn care, snow removal, etc etc etc etc that are all real costs whether on an annual or some other recurring basis.In most places, if you can offer an investor a property with little deferred maintenance that is generating rents at 2% of purchase price, they are going to jump all over it.

It's about to come down with the next snow fall.

As people get older, like me, snow does not have a tremendous draw potential.

What about things like mowing the grass, keeping the common areas cleaned, utilities to common areas, water/sewer/garbage for the building, snow removal (ND after all)?

The tenants do all yard work, snow removal, pay all utilities and do repairs that are under $100.

We'll lose all sunlight, snow won't melt, etc.

I agree with the earlier comment that your your property management estimate may be a bit high; if you are completely re-habbing the property, then the forward-looking repair estimate may be all right.One consideration is that your property taxes will probably increase as a consequence of your re-hab.I'm wondering of you've considered all of your potential opersating expenses -- lawn/snow, trash removal, electricity for common-area lighting.