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My PM takes 7.7% of the rent, $15 for each quarterly inspection and $150 for re-letting fees. If the current tenant leaves, then PM charges 2.2 weeks rent for new lease. That makes it approx. 10% of the rental. Rest 10% goes for rates and/or maintenance.

I think he is saying that 80% of the rental will be the net income from the property and rest will go to PM, rates and maintenance.