For us we are successful because we have a larger suburban based management operation that includes commercial and it allows us to use just one back office to maintain our non field costs across both sides.  

I've heard things ranging from "15% of gross rent" to "$2 per square foot to maintain in its current condition + $0.50 per square foot to be put in savings for a rainy day fund".Obviously you need to go in more depth when seriously considering a deal... but what is the rule of thumb that YOU tend to follow when estimating maintenance expenses?

Nor, does it tell you what it takes to manage and maintain occupancy for those apartments.  

In the buy and hold game its as important your property is attractive, easily maintained and well located - as it is what you pay for it. 

I then ask them how the inside of their building looks...yeah, not as pretty and maintained.

I have had some investments in commercial property in Indiana in the past (and maintaining one there at this time, in a strip mall).  

Source: http://realestateconsulting.com/powerhouse-job-markets-california-dominating/Job growth next 3 years (2015-2017)Looking forward to Reeb's chart below, Atlanta and Phoenix stick out to me as a places that will see a good deal of job growth while still maintaining reasonable home prices.

And it is not a covered peril (I didn't maintain my pipe, if you knew you should or not, is not a covered peril).  

The ROI and the fact that you dont actually own all of the hassles related to maintaining a real asset seem very interesting... almost too good to be true !!

It will definitely be less costly to repair/maintain since you will be living in the other unit (it always helps when the owner is on site and can fix small issues themselves or negotiate down contractors' prices).