Some other expenses are assessments that come up leaks from upstairs tenants that you might have to lay the money out and sue to get back ,broken windows It is just like a home but common areas might be exempt 

Adding another apartment or office would probably be problematic unless there are windows and doors directly to the outside.

I use 10 to 15 years for water heater lifespan so $8/month for its cap expense when installed to code using a licensed plumber.Flooring, paint (interior and exterior), appliances, roof, fences/walls, windows, furnace/HVAC, hardscape, siding, foundations, kitchens (cabinets, counters, sinks, etc.) , bathrooms all have lifespans and all add up.

Hopefully these two aren't willing to toss their realtor licenses out the window for this

Expected renovations include: new windows, new flooring (carpet throughout mostly but a few rooms have hard wood), new paint throughout, landscaping/small patio work in back and stone work along steps and walk way, new light fixtures and other cosmetic items, possibly some repair to the slate roof and new kitchen (new cabinets, flooring and appliances).    

I had a crew go in and deep clean every piece of concrete in the basement with bleach and I sprayed every square inch of the wood (floor joists, window wells, etc...) that I could find with KILLZ before painting.

What are your experience with window replacement?

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I did note that 5 other investors were there in the 10 minute window that I was at the property, so there will likely be incredible competition.  

Hoping to average about 2 a month, give it a year and see how this model works.When rehabbing to rent you can get by not putting in quite as much $$, have a house with newer mechanicals/utilities(3 of them I've had to do wiring, plumbing, hvac, some windows, one roof, etc), so in theory that'll reduce ongoing maintenance costs.My current dilemma is whether to hire someone in house to help property manage, or outsource to a property management company.