We only replace wood windows with newer windows if: 1) the majority of windows are degraded to a point that labor costs would be high, 2) It's not in a historic district, and meets criteria of #1, 3) When metal fame windows has been installed (typically aluminum), we always replace these as they tend to function poorly.  

Garage maintenance and headaches are fairly minimal compared to a fully functional extra apartment.

It was a fully functioning unit with a separate meter.

@Kris Fox the numbers alone look good...but yes..do your DD and take along somone who knows the multi unit business a bit more...put a robust contingency in your offer so you can back away if you need to. 

After a few months of using them for rent collection I also came to the same realization and I am moving to a more robust PM software that ALSO handles rent collection.

These deals often have low returns and function solely on best case scenarios in my opinion.  

Genesis2 is 3-4 times cheaper than Voyager but it is very similar in functions and features.

Having said that, I believe that I am offering a high quality, well maintained dwelling and when I make a couple of dollars I feel good knowing that my properties are providing my tenants with clean, functional, well attended homes.

Per your point @Jim Sestito, really don't want to over reno and we plan on just making it clean, functional with vinyl flooring and a budget kitchen. 

This cash flow schedule is particular to a development project, as you will need to calculate the interest on borrowed funds and the preferred return paid on equity as a function of your construction period expenditures.