It looks like there won't be much need of repair -- I estimate $5000 at most.All the utilities are split out for the 3 units, except for water, which is $200/quarter.If I estimate 10% Vacancy, 10% repairs and maintenance, 5% capital expenditures, and 10% property management fees (I will mange it myself), I get NOI $11,362, cashflow -$212, CoC return of -3%I believe it's in a good location/neighborhood, one that I wouldn't mind living in, and it's close to Newark Airport.I would really appreciate your thoughts.

I am eventually going to raise the rents on the studio to $750 and rent out the unit I currently live in for $1,000, making the total rents $3,770.Monthly PITI: $2,862For only $15k up-front, it was worth it for me since I was kicking money out the door every month in rent previously, despite the fact that the property is older, and I know it will have lots of maintenance (such as this roof issue).  

Most of the property I could afford have what they call a maintenance fee that varies greatly, can be from 150$ to 600$ depending on the property.I would like to know what these fees are based upon ?

In the letter you can state your difficulty in reaching the property manager and list whatever deferred maintenance items the tenant should be taking care of per the lease.  

The rent (2300 - 2400h would only cover the mortgage, not taxes 5k, vacancy, PM, maintenance, or capex.  

Thanks for the reassurance on this issue, have you found that proper maintenance in an older building is more expensive than in a newer property. 

She was friends with the offsite maintenance man at another property management company.

Vacancy: 12.5%  14/16RE Property Taxes:  17395Property  Insurance:  3500General Maintenance:  1800Repairs (average past 4 years):  2700Management:  9100.  

One of the big appeals of a NNN lease is that you won't have to worry about the maintenance of the building.

After 3 months and if the budget stayed at 20k (and I would argue buying that sweet of a deal would exist in most markets and only have 20k work to really fix up the house so that you are not getting killed by deferred maintenance), this investor would have about $3,000 in holding cost (taxes, utilities, yard up keep and interest).