Operating expenses
Maintenance Reserve
Monthly reserve for routine repairs. Typical: 5-8% of rent for newer properties, 10-15% for older.
Why Maintenance Reserve matters
Under-reserving maintenance is the #1 reason new investors get blindsided by year-1 capex surprises. A 1925 building needs 3-5x more reserve than a 2018 build. Don't use 'national average' assumptions — adjust for your specific property's age.