Things like property managment, insurance of all sorts, taxes, maintennace, legal costs, CPA costs, tenant damage above security deposits, lawn care, snow removal, etc.2) capital - money you spend in one year but that has to be depreciated.

The HOA fees include Water, Parking, Common Insurance, Exterior Maintenance, Lawn Care, Scavenger, Snow Removal. 

Most people have a very good sense for the quality of a neighborhood and will know, before they made it to the front door.Good signs are: maintained flower beds, neat lawns, holiday decoration, nice window treatments, all roofs in good repair, chimenys & windows in good repair,..

Who drives by to check the lawn?

would love your 2 cents looking at a 5 plex property to buy 85k purchase price. small town an hour from my house.units rent for $400/month utilities includedyearly taxes $2,700monthly utilities $400, lawn care $75New Metal roof, ac, furnace, appliances includedNice brick building, wood floors, well maintained.

Is $134,900 the market value of the house, or was it an artificially inflated listing price? 

It's not just the lack of cash coming in but IO payments, utilities, lawn maintenance.

@Ryan Turian, best I can tell duplexes are very difficult to make work as pure investment properties for 3 main reasons:There are only 2 units over which to spread the fixed cost (costs the same to mow the lawn at a duplex as it does a 4-plex)Duplexes are the most desirable to owner-occupiers (non-investors) so they tend to go for higher per-unit prices, but that doesn't necessarily translate into higher rents.Zoning laws mean duplexes are more likely to be in more desirable neighborhoods, increasing sales price and making them less likely to cashflow.For the analysis I've done, duplexes just don't make sense as a pure investment unless you get a smoking deal on the purchase price.I think focusing on 3 or 4-plexes, combined with BRRRR is a better way to go.With regards to your questions about CapEx, etc.: Yes, analyze the deal just like you weren't going to live there and see how the numbers work.

Think of all the things that could go wrong and see if the lease addresses them: unauthorized pets or tenants, early termination, security deposit, lease violations, late rent, eviction, lawn maintenance, parking, etc.5.

Lawns do not hold up well to dogs running around the fence.