You are banking 180, but that doesn't cover cap-ex.

As a part of the raise you need to ensure that you budget for cap reserve, closing costs, funding the operating account, first years insurance, utility deposits, and other contingencies.  

Some condo buildings are more financially strong with less renters, rental cap is in place and owners are not in arrear with their assessments.

There was someone who was talking on BP about a "utility cap". 

When buying retail multi tenant properties, how much should we budget for vacancy to deduct against the income when calculating the cap rate?

CAP rates on turnkey apartments are pretty well-known. 

What kind of CAP rate were you looking at?

Below is breakdown:BRRRR Results will be final after I refi at end of month but plugged in initial locked in quote from lender now just need to negotiate closing costs with title company.Monthly Income:$1,425.00 Monthly Expenses:$1,172.23 Monthly Cashflow:$252.77 Pro Forma Cap Rate:6.06% NOI:$10,607.50 Time to Refinance:2 Months Cash on Cash ROI:36.69% Purchase Cap Rate:10.30% Vacancy:$78.38Repairs:$49.88CapEx:$49.88Insurance:$100.00Management:$71.25P&I:$631.19Property Taxes:$191.67Purchase Closing Costs:$3,605.00Estimated Repairs:$10,338.00Total Project Cost:$116,943.00After Repair Value:$175,000.00 Acquisition:Down Payment:$0 ($10750 surplus)Loan Amount:$113,750.00Loan Points/Fees:$4,823.00 Loan Interest Rate:14.000%Monthly Interest:$1,327.08Total Cash Needed At Purchase:$8,016.00 Refinance:Loan Amount:$121,000.00Loan Fees:$7,500.00 Amortized Over:30 years Loan Interest Rate:4.750% Monthly P&I:$631.19 Total Cash Invested:$8,266.00 Purchase Price:$103,000.00All is right in the world. 

You didn't list rent per unit.You say 119,000 gross income so we will take that and divide by 12 units = 9,916.67 per unit per year / 12 = 826.41 a month per unit.119,000 x .40 = 47,600 NOI at a 10 cap is 476,000595,000 asking is an 8 cap.

I'm curious that no-one has discussed cap rates when evaluating a deal.