Here are the details45+ year old housenew a/c (6 years ago)New roof (last year)New electrical panel (6 years ago)New plumbing (this year) mostly new appliances (oven is old)New floors in about 60% of the houseThe numbers:Currently on a 30 year loan with 3.8% int.monthly payment is $1250Avg rent Comps are $1600 to $1800If I apply the 50% rule then it does not work, but taking into consideration that the main money drivers have been addressed would I still be in good shape if make the decision to not set aside as much for the expenses. does this make sense?

Also was hoping to get some recommendations for investment-focused real estate agents that cover Morris County and Essex County.

You have to gauge what the market will be willing to pay for.Some things that you didn't mention... the roof looks rough in the front.

If the landlord's already owed $500 from the security (say 2 months into a 12 month lease), that may not leave much more security to cover all future damages/unpaid rent/cleaning fees/etc. at move-out.

Roof was replaced 5 years ago and looks nice. 3 of the 4 water heaters are under 2 years old.

When it comes to reserves, I dont use percentages for capex, I use real dollars, based on the age and life expectancy of large items (roof, hvac, water heater, and a buffer for other items).

He was used to a 1 1/2 page contract that covered "everything" (but really didn't).

We're talking new roofs, new interior layouts, bathrooms, kitchens, everything. 

The original plan was for the tenant's side to pay 100% of the mortgage / taxes / insurance / PMI, while I cover trash and water for both sides. 

You'd certainly want to have an umbrella policy in place, in case your business insurance policy doesn't cover everything.- You mentioned mobile bathrooms (hopefully not port-a-johns).