Subtracting monthly costs of $14k for mortgage payment, $6k for taxes and insurance, $4k for property manager, $2k for vacancy (5% of the monthly rent), and another $2k for repairs, gives me $12k / month.

Here are the numbers: 1920 house 
ARV- 150000 
Purchase Price-115000 
Annual property tax -4248 
Rent-2200 for 1/1, 3/1.5 and 2/1 units 
Insurance-36/mo 
Conventional financing at 5.125% for 30 years with 25% down payment but I'm thinking of doing 15 years instead 
Repairs- 20000 
Capex-8% 
Vacancy-5% 
Repairs-8% 
PM-10%

Here are the numbers: 1920 houseARV- 150000Purchase Price-115000Annual property tax -4248Rent-2200 for 1/1, 3/1.5 and 2/1 unitsInsurance-36/moConventional financing at 5.125% for 30 years but I'm thinking of doing 15 years instead Repairs- 20000Capex-8%Vacancy-5%Repairs-8%PM-10%

The cashflow can look good on paper, but the risk of vacancy is just too high in those areas because tenants are often just one minor medical issue or car repair away from missing rent.

Taxes, Insurances, Vacancy allowance, Repair allowance(touching up paint, grass seed...) 

The net self-sufficiency rental income is calculated by using the appraiser's estimate of fair market rent from all units, including the unit the borrower chooses for occupancy, and subtracting the greater of [1] the appraiser's estimate for vacancies and maintenance, or [2] 25% of fair market rent.

You need to add 10% property management, 10% vacancy, and 10% repairs, which all adds up to $825, so that means you are loosing about $220/month.

Doing mostly retail as multifamily is heavily overvalued.Sellers are touting for multifamily bubble numbers of 3% vacancy, 35% opex, 4 to 5% rent growth that have occurred last 18 month.

That is a total of $550 before vacancy, repair, make -ready....Say landlord end up net cash flow $100 per month, $1200 a year.....Without appreciation, or meaning rent increase, it takes 50 years for landlord to recap his investment...

When crunching the numbers is it important to also factor in repairs/maintenance and vacancy in your evaluation?