Maybe some experienced investors can weigh in but 5% for Cap ex seems possibly low for the age of the house but don't know when/if it was redone? 

There are many reasons why I would advise against using a rule of thumb, but here are a few reasons why your expense ratio can change significantly from property to property:-Age and Class(A/B/C) of Asset - In general, the older the property, the higher the expense ratio. 

I went to college and graduated from the University of Houston at the age of 21 debt free.

One of them is a girl I barely know who is half my age and I need to find here and have her sign a form saying she's not moving in with me.

I am in the military and I'm interested in investing in real estate for the duration of my active duty/AGR service at which point I can take my military retirement and cash flow from single family/multi-family units and truly retire at a relatively young age. 

I'd like to convert the basement to an apartment for my aging father but concerned about the costs. 

Certainly the quality and age of system also makes a difference.

HELOC's dont usually require cash reserves but there are some HELOC's that do.2) personal preference and goals - "begin with the end in mind,"3) active income versus passive income - the age old debate - again tend to your personal situation you know best what you need short term and long term.

Welcome Deja - the cash reserves you will want on hand will vary drastically with the property age/condition.

I have to check on roof age and age of water heaters and aircos.