Figure $850 per month in expenses (taxes, insurance, vacancy, repair costs) and mortgage payments you will be lucky to break even.

We have been holding at about 2% vacancy for the last several years.Currently, the complex is 17% vacant.

Keep the vacancy rates low.

How are things when you have 3 make readies/vacancies at the same time?

A good tenant will keep your budget in check, you vacancy at zero, your downtime without a tenant due to rehabbing the apartment to zero and you hassle and stress level at zero. its not all about the cash flow.

I do not know if it was a matter of being lucky, but in 2.5 years I had 15 days of vacancy and I had only minor damages.

I assume from your post you are paying utilities otherwise from a purely financial standpoint, all your winterizing is a waste.The largest cost for nearly every landlord is turnover or vacancies.

I looked at the deal in a bundle:8500 in closing costs116k price12.5% down (0% for FHA, 25% for 2nd deal)$24,250 due at closing$10,000 total repairsMonthly Expense Breakdown:Mortgage Rate 5.50%Length of Mortgage in years 30Monthly Mortgage payment $625.99Taxes $300.00Sewer and Water $200.00Trash $150.00Heat/Utilities $25.00HOA $-General $300.00Insurance $200.00Mgmt Fee $192.00 (8%)Vacancy $144.00 (6% or 1 vacant month per year per apartment)Total Expenses $2,136.99

In addition, I'm accounting for two months vacancy, $100/month in repairs, and 8% property management fees.

Now we take the 33,600 and take away 50% costs ( generally 10 vacancy, 30 operating and expenses, 10 property management for that size of 4 units)33,600/2 = 16,800 a year expected NOI (net operating income if paying all cash).