It's a 10 cap without the owner's garden unit.And you're referring to Logan Square then?

That will layout the whole landscape for you so you can decide what interests you and where you want to get started digging deeper.Then start listening the the BiggerPockets podcast with @Joshua Dorkin and @Brandon Turner.  

I have some garden level apartments that have a cement slab at the bottom of the exterior stairs with a drain hole in them.

Asking price is $350,000Owner Pays: Sewer, Water, TrashTenant Pays: Cable TV, Landscaping, ElectricIncome & Expenses Gross Annual Sch Inc: $51900Income & Expenses Adjusted Gross Inc: 49305.00Income & Expenses Operating Exp: $18973Income & Expenses Net Operating Income: $32325Number of Units: 7The five 2 Bedroom Units Average Rent: $560.00The two 3 Bedrooms Units Average Rent: $650.00All units are rented and all tenets are on long term leases.Total Monthly Rental Income: $4325.00Vacancy Allowance: 0.05%Annual Water/Sewer Expenses: $4000Annual Trash Expenses: $1500Annual Management Expenses: $4700Annual Maintenance Expenses: $3000Annual Landscape Expenses: $1440Annual Insurance Expenses: $2340As near as I can figure (I've gone through a number of pod casts and materials, but there's a lot to learn), it sounds like as a buy and hold investment this property would earn $32k per year. 

Add Home Warranty, Insurance, Gardener - to total upto $2400/month. 

It's just more up to date as far as finishes, landscaping, etc.Thanks

Then, divide that amount by months and by units to get a monthly amount to set aside in a separate account at your bank so you don't spend it.Do this same calculation for things like paint/siding, landscaping, parking lots, walkways, AC units, water heaters, boilers, chillers, signage, etc.

Can you paint, do landscaping, teach exercise classes, or painting?

Yes, dues and assessment can eat up your cash flow, but you also (again, in a good association) are getting something in exchange for the dues dollars such as management, insurance, Cap ex, all exterior maintenance and repair, landscape/snow, common area care, etc...

New furnace and possible AC, deck refacing, plumbing repair for one bathroom (ceiling leak), and 600sqft landscaping under the deck are the major updates needed.