Capex is really an accrual account for replacements that will be required in the future. You may not need to replace the AC unit the first year, but you could in year 5 or 6. Tenants can ruin paint, carpet and appliances at 6 months. Generally, your capex will be likely be less in the early years, but will be more as the first round of replacements comes up.
Unless rents are rising rapidly in your area, I would assume that 0.8 percent is the rosiest rent to value estimate for the near future. If the builder keeps producing new homes, your used rental will compete with brand new units bought as rentals under similar assumptions. Tenants will prefer the new home and that limits your ability to increase the rent. It also means you will have to keep your property in pristine condition to attract the better tenants. That in turn means your capex budget will be higher in the early years than it would be if there was no competition from new homes.