The water is actually not separated from us so we know the water bill - ~$60 for both town homes.Therefore, monthly cash-flow without unexpected expenses would be $370-$920.

At least it doesn't snow (much) in Atlanta :)I am surprised they can't do anything to fix it.  

@Paula Smith I'm not surprised that you are getting conflicting legal ideas.  

I plan to find a better PM soon or maybe try to do it myself, if possible.We would be in Fort Lauderdale.Last summer when we were on vacation for a month in Florida, several severe events happened at one of the buildings in MN and I was surprised how easily I could fix the problems remotely with just a few phone calls.

I'm kind of surprised that tri cities doesn't have a good groups already.

I guess my question, if asked another way, would be what types of jobs/repairs carry the most risk of unexpected costs.

I am surprised to see that the search did not show many comps from 3 months back to present.

Maybe you had that factored in, in your mind, just wouldn't want you to be surprised at tax time.

I own other multi family and SFH in the area so there will be no surprises with the lower income tenants, I am used to it.6 units at $485 per unit. $34920 yearly gross revenuetaxes= $5500 per yearInsurance = $2500Lawn snow= $1200the building has 12 year old boiler with a baseboard hot water heating system.

Your estimated Capitalization Rate would be about 6.7%.Make sure that you have sufficient cash reserves for unexpected repairs and expenses.Make sure that each month you deduct the following expenses from your rent and save them for future payments: (1) real property taxes, (2) replacement reserve and (3) insurance reserve.For your information, the 50% rule, which is generally considered to be fairly close to actual expenses, states that …50% of your gross rents will be taken up by expenses... property tax insurance vacancy property management maintenance capital repairs legals and accounting, etc.From the remaining 50% you service your debt, if any, and the remaining is your profit.