(unless you're like me and will continue to leverage all available equity and cash into more units)Make sure to have a reserve account!

After the first year, they left and I had some cash in the reserve left over to do some landscaping.

I think they do a good job mitigating this risk, however, through conservative underwriting (cash flowing properties, value add upside), debt structure (long term agency debt) and heavy cash reserves. 

Take into consideration the mortgage, taxes, insurance, HOA fees, and cash reserves for home repairs or replacements.

You will also have to set aside money for closing costs, reserves and operating funds.

You're exactly right about needing reserves and realistic expectations when we start any self-employment gig.

Thanks for posting, you've done the community here a service.Take out a loan on your house or whatever reserves you have and get it done.

I'm trying to understand how capex reserves factor into NOI, Cap Rate, Debt Service Ratio, and other metrics.

Not so long ago HOA's had discrimination clauses about certain classes, didn't have enough reserves to manage the HOA, might not allow all types of restrictions to your enjoyment of the property.

Beyond the basic utilities, it is critical that you obtain the current/new year Operating Budget and Reserve Funding Plan to answer your questions.