Naw, I’m not buying it, 45% just for repair and vacancies of aprtments. Hope you got a screaming deal on the place if it was in knock down condition. My much smaller sample from my half dozen family owned rentals, runs under 20% and has been under that for 20 years, of which most are sfr’s in three so cal counties. They vary in return, a few have been sold and a few have been recently aquired but none come close to 45% operating, yet all are self managed, so the comparison may be moot. All of which are owned outright so it’s easy to see the operating cost since all of the income is income (unfortunately, they are all part of a trust and I get nothing monthly, hence my desire to build my own empire). If your family is paying 45% of the income in management costs and maintenance, i say you need to hire an auditor, something stinks in denmark.
