Hey Mike, i think you might want to look into Graduating Leases or percentage leases for a strip mall, also i have found that just because the seller has certain cap rate does not mean that is what your cap rate will be, if you research that property and maybe find things that the previous owners were not taking advantage of, or they were overpaying for a service, you could dramatically change your cap rate in short order. 

Now you can structure all of this into the rent - either as a flat rate, or as a percentage each month. 

Omaha, Nebraska · 2-Month Rent Change Post C19: +0.8%· Current Unemployment Rate: 6.5%· Percentage of Renters: 40%4.

Omaha, Nebraska· 2-Month Rent Change Post C19: +0.8%· Current Unemployment Rate: 6.5%· Percentage of Renters: 40%4.

I obviously do not know your ultimate goal but I always recommend factoring in at least a small percentage of the rent towards those things for a rainy day.

Utilities are not simply a percentage of income. 

In LA, the expenses ratio "rules of thumb" point to much lower percentages because rents are so much higher (and, side note, the weather is considerable better).The 50% rule says that you should expect 50% of gross income to go toward expenses.

if so is it less of a percentage doing it with a FHA?

What percentage of expiring leases will renew their lease each month?

Do lenders reduce the LTV percentage in a depressed economy?