Helpful spreadsheet, thanks!
Question on your purple boxes at the top. You break out Cash Flow & ROI between doing your own Property Management and outsourcing PM.
If doing your own PM, wouldn't that cover your listed costs for Tenant Placement, Annual Tuneup/Inspection, and Lease Renewal Fee? Or would you still be hiring out those servicing while doing your own PM? I guess I'm not sure what PM is actually DOING at that point...help me out here.
I would say that you are doing the job of the PM and should be paid accordingly. Ditto if you are doing your own repairs. That income is above and beyond the profit you are making from renting the property out.
I think it's important to look at it in that manner for several reasons:
1) You might decide you don't want to do that work anymore, but you might be stuck with it if you can't afford to hire it out.
2) You might not be able to do that work anymore, but you might start losing properties because you can't at least break even on the ones you have.
In other words, as long as you're doing the work, it's bonus income from working a side-gig as a PM.