These includes some of the ones that were getting into that 4-6 month + on the MLS range.Frustrating because they were seemed like good opportunities, but nice to know my analytics and assumptions were probably right (they were profitable).

Lots of assumptions here:Purchase Price 115,000Down Payment 10% 11,500Loan Amount = 103,500Closing Cost  =    4,000  ========  Would need 15,500 cash at the table.Using 5% as an interest rate 30 yr fixed.  

Would the $1848 in reserves be enough if we make the assumption that there are no major projects sanctioned by the strata in the upcoming 5 years?

You've got a lot of assumptions built into your model to arrive at your numbers, so I'd start with the GRM - are other MFR properties trading at a 3.9 GRM?  

Let's make some assumptions here so we can operate with the same set of variables. 

I've been studying the analysis process and the main reason I am even replying to your post is because I enjoy the practice (and hope I can help you out in the process).Second, there are a number of assumptions that you really, really, really need to verify.

You are backed by 40 years of market data, data that I agree with.But my experience has taught me that when I start putting appreciation assumptions into the numbers I present, people (especially people of my generation who are mostly my clients) look at me like I'm the Wolf of Wall Street dude trying to sell them Aerotine Dynamic stock (or whatever it was in the film).

This a 25 year analysis making the following assumptions: - The condo corp takes care of everything but the inside of the place (roof, snow plow, trash etc

Presuming a conventional loan with about a $2000 a month payment (does that sound like a reasonable assumption?)

You'll do 1 mailing and then be out of money.Making an assumption here, but I would guess you probably can spare more time than cash right now.