You need to figure out exactly how to calculate them and figure them out so you can calculate the NOI and determine the cap rate of your market.

I've seen some of the lowest from Safeco in different cities.Other operating expenses can be estimated as well as a percentage of the gross (maintenance and cap ex, for example) or property value (property taxes).

I've done some extensive top-down research on attractive cities for single-family or small multi-family (duplex, triplex) buy & hold rentals and Philadelphia has come out on top.I'm looking to understand what would be a reasonable gross cap-rate to expect when investing in Philadelphia given a budget of $150K - $200K.

I'd love to continue the discussion:- Maintenance budget and Cap Reserve will be reserved at about $300 per unit per year.  

The property is located here:http://www.realtor.com/realestateandhomes-detail/578-580-E-New-York-St_Aurora_IL_60505_M87021-59623Again, im interested to see how accurate my numbers look (ie taxes/closing costs/cap ex/rent/ect.).?  

What is the current cap rate and what are the cap rates in your area for similar properties?

Particularly surprised Loopnet didn't bring you lots of prospective buyers, unless you're pricing them at Big City cap rates while these are in the country.

I'm having a hard time seeing how the cap rate and long-term value make this a "poor investment".

10% cap ex.

Get a mentor to help you and always Check with an attorney to assure you are in total compliance.I build new for rental primarily for the following reason: 1) I am a builder and have the KSAO's (knowledge, Skills, Abilities, and Other) means necessary to efficiently and effectively build; 2) I buy all my land substantially below market value (usually off-market); 3) any land I buy at market has an immediate value-add component that can quickly make it worth more that what I paid for it; and 4) Cap Ex is generally MUCH less for new construction which means a stronger cash flow up front, but you are always going to need to maintain a suitable Cap Ex account if you are truly going to hold for more than I'd say 7-10 years.... but everybody has their separate opinions and thought process concerning what the "right" amount to designate to Cap Ex is proper.....