You have a history of success so maybe a candid conversation with your lender will tell you where they might go with it.

Scott,There are several items that you need to think about; common area cleaning, common area utilities (electrical at least), laundry room upkeep, fire alarm servicing and possibly monitoring, etc.

I take a 30 year window, and take the three major capex items... roof, HVAC, and Water heater, and add their costs together.

Please correct me if I am missing some line items here, but here are the working numbers for the property:+ Gross Rental Income: $150,000- Cleaning Fees: ($21,600)- Management Fees:  ($19,260)- Property Taxes: ($3,700)- Insurance: ($2,400)- Trash & Local Tax: ($650)- Utilities: ($7,200)- Pest Control ($560)- Supplies/Maintenance: ($1200)- Acct/Legal: ($1500)TOTAL EXPENSES = ($58,070)Net Operating Income = $91,930---Based on my limited understanding of the local CAP rates for similar properties in Philadelphia, PA 19106 it looks like 5-6% is a realistic number. 

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I had one conversation with a real estate attorney that cost me $100.

In total there are about 150 line items on mine.

Fear isn't bad or something to avoid; conversely, it's something you want to seek and embrace.

I plan to put at least 20-25% down for the purchase plus use my cash to do the conversion.

I'm going to go by tomorrow with the realtor and I'll see if he has that information, including any information on the roof and other CAPEX type items.