Here are the costs I'm estimating and would love to get your feedback on these numbers and assumptions.

Correct and since we’re coming in mid-lease, the assumption is it still meets the health and safety standards.

I thought the lower property tax and the assumption that I would manage it myself would result in a positive cash flow but it did not work out that way.

The point being, you can customize the Operating Agreement to each deal. 

STL Tax Auction Maps creates a custom interactive map for each auction with all the publicly available information including Tax ID #, Owners, Street Address, Opening bids, County Locator ID, and Zip Code at a click.

.  Most of the furniture is custom built by the furniture company I own, but even though I’m buying it at cost it still ends up costing a lot of money.

Inside the City of Pittsburgh proper, there is no garbage bill, water and sewage are on one bill, the custom is that the bill is in the tenant's name.

And, when I'm doing an IRR calc, I'm extremely conservative (3%/year, even in this market.)Another possibility is that it's too much trouble to forecast out and people are uncomfortable with the assumptions you have to make.

Being a LL is a people/customer service business. 

I have a customer with radiators which were installed in 1870.