@Michael Prim if you are a new investor and this is your first crack at it, I'd try and hook up with a mentor, someone you can trust to run the numbers with you.

I would start running the numbers on various deals.

I am more than confident in my abilities to run a property after my first purchase, its a matter of finding a lender and building a bit more capital. 

In Lexington, Cap rates run about 6% to 9%.  

Most people run their numbers to determine what their profit should be.

Had the sales rep on duty run me numbers based off the same criteria and the exact same layout.

I think they run about $1.35/ea.

Hey Kevin and Marc,I will run this by a lawyer and document everything, thanks.

I agree with the other comments, that a higher end tenant will probably want the a/c, lower end the swamp cooler.The swamp coolers are definitely cheaper to run, but since I don't pay utilities, I am more concerned about the maintenance time and costs.  

Hi all,  wondering you thoughts on a question I've run up against with a couple clients and have been pondering myself in our changing markets.