There will always be more and more ways to spend money.Start by reducing expenses.  

Identifying which risk you are wanting to mitigate will actually help point you in the direction of how to reduce it.  

Property not used for primary residence is reduced in the maximum amounts loaned against them.   

I have to replace the AC unit because the builder used a CHEAPO brand, but I got the seller to reduce the price by the cost of the AC Unit. 

At 100 a month increase you are talking 41 months ( a little over 3 1/2 years) to get a positive of the 100 a month back.Now increasing rents and reducing expenses will usually grow your equity and resale price.

Your neighbors don't like the crime either, if they know you are there to make the area better then they will look out for your property. 3.

Well here's what I figured out, using the first link as an example ($52k triplex, assuming 1 unit is vacant):-TaxesIndianapolis, marion county, 3.13% or $1627 a year, though there's a homeowner deduction that reduces it by half If I live in the house.

Are they crime riddled?

These 2 factors will also reduce your returns.Thanks for sharing!

Originally posted by @Josh Mitchell: Water, Heat, Gas, pool, common insurance, scavenger, landscaping, elevator, tennis court, basketball court, parking, storage, laundry, clubhouse, snow removal, exterior maitenance, security door locksSome of the items you list will reduce your costs but many just go to pay for luxury items for the tenant.