That's a new roof and paint job every year.I've seen what 2% will get you around here and I wouldn't want to deal with most of those tenants.

However, just as in every market (even Detroit where some house sell for $200), there are always people who live there and need a roof over their heads.

For example, if you budget $15 a month for the next 20 years for a new roof.

My wife and I completely gutted it down to the roof joists and replaced the roof, rebuilt the walls, and sealed everything up very well with lots of drylok.

Parking lot, roof, and everything else look good. 

It's a 2bd 1bath house, 900 sq. ft. 10 year old roof.  

Here's the facts I have:Four 2 BR each with large storage unit w/ washer/dryer hookupsTwo Efficiencies w/ washer/dryer hookupsSix carports with Storage UnitsWell constructed building with a newer roof and all units but 1 remodeled.

Some of these have had all of the units under one roof, and some have consisted of alternative designs (like 2 triplex units on the same lot). 

SF Bay Area, rental housing is through the roof.

Its also not a big deal to frame a box on the roof to accommodate the exhaust duct or vent and motor.