I personally look into the infrastructure of the area, population growth, unemployment rates, home owners to home renters, vacancy rates, medium income and so on.  

Portfolio lenders, by their very nature, tend to be small to medium size banks that only lend in their respected areas because they are going to have to manage the property if the loan defaults.   

My experience is to have one medium ($400-500) maint amount about every two years.  

My day job is creating custom software for small to medium sized businesses.I've always loved real estate and considered investing several times, but life always seemed to get in the way.I'm almost 40, have been married for 18 years, have two kids (ages 13 and 11).My only real experience with real estate has been my own primary residence. 

My profile shows what types of properties I have purchased but I have really been enjoying the medium size (4plex and up) multifamily units.See ya around, and happy investing

I charge above market rents to low-medium income people, many with past bankruptcies or evictions, and almost never have turnover and very rarely have a late fee.

In fact the reason I do it is because both hard real estate and notes have their advantages and disadvantages, so I like to find a happy medium.

Below is a list of my properties and repair/rehab costs.3 plex, purchase price $260k - $10k (2 units light remodel- new carpet, paint, appliances etc)Duplex $155: $3k (roof patch, finish hardwood floors new fridge) plus capex of $5k for eventual new furnace.Duplex $100k: $20k (plumbing, one side medium cosmetic rehab, roof patching)11 plex (470k): $30k (roof, furnace, unit updates)5 plex $165k: $40k ( update all units, paint interior/exterior, porch, deck, hvac, roof)Duplex $172k: $0 turn key but will keep $3-4k in case of large ticket item ac/hvac etc.

Real estate isn't like  high technology or social media; it's a competitive industry requiring a significant amount of education, experience and capital to be able to snare the medium to large size deals.

So if I manage it myself you're right, that'd be about $160/mo medium term after expenses, vacancies etc.