@Andrew Kensmoe, Its not really going to matter how you purchased the replacement properties. 

You will go to try and replace the outlet and the cloth is all burned.

Have painting, electrical and counter top replacement work for a property.

This was what I based the comp on since it didn't make sense to compare this place with the big dogs, even though I kept second guessing myself.I go out to see this place tomorrow with the buyer's agent.

Long term, my goal is to completely replace the sales income with my personal investments, but short term is also to invest in LTR/STR's in the Fort Myers/Cape Coral area.

Hello everyone, I am analyzing multifamily deals using a modified spreadsheet I found online, and the spreadsheet has a reserve account that is taken directly out of of the NOI called "Replacement Reserve".

Wife and I look at age of carpet   If 10 years old we may replace.  

You can raise the rent (for now) in the future, the key to me would be getting a good tenant so you can complete the replacement purchase.

It allows me to stay at my job a little longer until it is able to replace my W2 income, then I am out!!!

You may be ahead of your reserves for a year or two, but quickly can fall behind those your reserves, as budgeted.I take a very conservative approach, but not only budget all recurring items, like landscaping and snow removal, but also take the replacement cost of every item divided by the useful life (both physically and aesthetically) and budget that as well.