The size of the property will impact both budgets.

You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

It needs to be a sublease agreement, and unfortunately there is no one size fits all option from the Chicago Association of Realtors.  

Luckily, in my state we have some decent sized good brokerages that do just that.

You can make minor adjustments based on the type of appliances (dishwasher, clothes washer and dryer, air conditioning, etc.) and the size of the rental.

Purchase price: $1,150,000 Partnered up on a 1031 into a mid size commercial MF in Anchorage (16 units) - no further cash required due to 1031.

Considering that drywall repair for a small hole starts at $75 and the average cost of this size repair runs $5000, it can be done DYI for $150 in material and $60 in paint. 

Small sample sizes like what we speak about isn't the full picture of course and is region-specific. 

Also have you ever owned a property of this size and do you have atleast 1M in reserves for repair maintenance and capex buying a building is one thing being able to care for it is another

If you find two properties that are equal in size and quality and are both in the same general location with the same appreciation of value over time, up would pick the one with the higher cash flow.