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The vacancy point is the part I had not given enough weight. My $350 figure uses a reserve, but I need to separate vacancy, management, routine maintenance and turnover rather than letting one general allowance stand in for everything. I’m going to rerun it with no rent growth and a full vacant...

Either I accept a $350 monthly loss now, or I assume future rent growth or appreciation will rescue the numbers. Neither option feels particularly comfortable. This is a 5-bed new-build flat in Los Angeles with estimated rent of $3,099. I can cover the shortfall, but I do not want affordability...