You haven't factored in future vacancy, rent loss, capital expenses, etc. into your equation, which would likely take your expense ratio to somewhere closer to 45-55%, or earning about $1000-1200/month before debt service.Speaking of debt service, you mentioned a $75K loan, but nowhere in your post have you mentioned your debt service payments -- they will detract from your cash flow and cash-on-cash return.Not saying this is a bad deal -- I just don't think you've analyzed it correctly to determine how good (or bad) of a deal it is).

I dont think they improve neighborhoods as much as they provide a service for families.

This implied the buyer was getting an additional service.

And do I record as placed in service again 7/11?

You'll have to be very dependent on the "turn-key" company to handle the day to day operations, so you want to make sure they have truly built a full-service company and that they are planning on sticking around.

Assuming 50% for expenses you'd have about $5,000 for debt servicing and cash flow.

What services do you offer?

Used same mortgage servicer (Flagstar bank), no out of pocket closing costs, 4.375% 30 yr fixed, saving $220/month.

They'll compute the same debt ratios, but they'll also compute your Debt Service Coverage Ratio (NOI/P&I) for your subject property, and for your aggregate property portfolio.

Also, the parking lot is serviceable, but will likely need work in the next 5 years or so.