See the image below for the actual Fannie Mae Guidelines. 

But if the building has just been rehabbed, expenses should be lower, if its older and neglected then expenses are higher.Why are you waiting until next year? 

And since its it new construction that your buying retail, that equity will be trapped for a while.Your repairs and capex will be low, but there will still be some minor costs with new construction.

As a result, the pipe was not able to drain properly and once below freezing temperatures came, the pipe burst in the basement.   

I guess I am curious too, when tenants report issues, do you immediately call a professional in or do you send a handyman as a front line to filter issues?

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Property details listed below.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Here are some recommendations for you:Find and connect with other BP members that are in your area: http://www.biggerpockets.com/meetSet up keyword alerts to be notified of the topics that interest you: http://www.biggerpockets.com/alertsRead Beginner’s Guide: http://www.biggerpockets.com/real-estate-investingCheck out BP Podcasts: http://www.biggerpockets.com/renewsblog/category/podcast/If you wish to tag someone in the conversation on the forum, type @ followed by their name and then select the name of that person which should appear below the comments box.

Below are some of the points I wanted to understand about the Phoenix market.