Basically to have a brand new more desirable and less maintenance and less negative comments on age.

Then some PM charge a service fee every time they send someone to service the property or if they go to inspect the property - in other words, you might get nickel-dime'd with all kinds of other fees, that could easily raise the "PM fee" to 12%+ (we once got charged $45 service fee + $9 per battery to change the smoke detectors batteries at make-ready).Regardless, you need to factor in at least 8% PM cost, even if you self manage (after all your time costs too) as there might be a time when you might want to (or be forced to, like sickness or old age, or desire complete passive participation) to be completely hands-off and you'll need a PM.

Your efforts now will snowball and catapult your real estate career by the time you're my age, so I commend you! 

Age of big ticket items and bones of the house.

Pardon me whilst I shake my magic 8 ball....   ;-)  No one knows when the next recession will be, or how bad, or what sector(s) will trigger it. 

@Kumar Gaurav what age are your children?

I have them sign an additional pet addendum stating exact pet, proof of city license if required, shots, breed and age (no restricted breeds, no puppies), attest to temperament (no previous aggression shown), charge larger security deposit (refundable) if not already at state maximum, and have them get $300,000 in liability insurance instead of $100,000. 

For a smaller 12 unit building, however, I would budget quite a bit more - closer to $500-$600 depending on the age of the building and what else you plan on doing

If you take an outright distribution and aren't of retirement age you'll be subject to income tax along with a 10% penalty. 

I would recommend considering population, population age, top employers, supply and demand, and unemployment rates.