For example, allocating the repair and cap-ex funds across properties.

Not just the types of expenses, but the allocation of $$?

The mortgage proceeds allocated for the rehabilitation will be escrowed at closing in a Rehabilitation Escrow Account.

To increase the cash flow of our properties, we've introduced the FLEA (Forward-Looking Expense Allocation).

Access to premises with 24 hours notice Allocation of payments in this order...

I assume that property would need work, so I'd allocate $15K knowing nothing more.

No, under the 50% rule, the taxes and insurance appear in the 50% of the rent that goes towards expenses; the debt service is just PI (Principle and Interest) and NOT PITI.And your profit is what remains after the debt service, so typically you would allocate $100 per unit for profit (or cash flow), and then what remains is available to pay the loan.

See if the appraisal allocates the value of the property between the land and the improvements.

Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization.....Such interests impose obligations beyond those of ordinary commerce.

Obviously, you didn't list all the expenses that you will incur, but the amount of money you allocated for expenses (in which you included the mortgage payment), seems to be adequate (other than the utilities issue).Here's how I would evaluate this deal:Gross rents: $5,400Operating Expenses: $2,700NOI: $2,700Mortgage ($150,000, 30 yr, 7%): $998Cash Flow: $1,702 per month or $130.92 per unit per month (very good)Again, my big concern would be the utilities.