Often, there is a fee to place tenants (I charge 1/2 of a month's rent) and sometimes there are other fees involved like a maintenance fee, trip charges, etc.  

Sellers will defer maintenance, etc leading up to the sale of a property to make the numbers look better.The 50% rule states that 50% of your gross income will be consumed by operating expenses, on average. 

I will manage these buildings, I currently manage another 4 unit building in the same area and know with updates the total rents could increase $3-4$k/yr.Current Rents:  $3900/mo $46,800/yearVacancy: 10% $4,680/yr (actual vacancy rate for area is below 5%)Taxes: $3838/yrInsurance: $2840/yr for cash value not replacement cost (getting more quotes)Maintenance: $4500/yrUtilities: $6,500 (owner currently pays common electric, sewer/trash, and buildings are on well so softener salt and electricity for water pumps.)Budgeting $5k/yr for capexLeaves: $19,442 for debt and cash flow

If you fix up a property top to bottom with an FHA 203K loan, your ongoing maintenance cost should be manageable.  

Even if you have the costs of a turn (maintenance, paint, cleaning, even vacancy) you will be better off in the long run charging market rent.

Since I'm buying SFHs it's easy to determine my cash flow (after debt services, maintenance, repairs, capex, vacancy and property management).

Do you have additional charges for maintenance and, if so, how much?

Fee 8% 2826.24 Lawn Maintenance 0 Maintenance 75 3600 Total Expenses   28606.24     Net Income 6721.76 LTV 80/20 Purchase Price   300000 CAP X $3,500 p/ 14000 Down Payment   60000 Reserves   0 All-In Cash Down   74000 Loan Amount   240000 Interest Rate   3.75 Term   30 Years Annual Payment   13332     Return on Cash Invested   0.090835

Also I think capex is usually 10% and maintenance and repairs is about 10%.

My condos are cashflowing really well and I haven't really had any issues with tenants or maintenance.