You must of course subtract cost, the real estate itself, the maintenance, marketing to fill vacancies, the cost of empty non-income producing units (most apart

You must of course subtract cost, the real estate itself, the maintenance, marketing to fill vacancies, the cost of empty non-income producing units (most apartment complexes are rarely at full capacity across an entire 12 month span) and of course the taxes on both the rental income and the property itself (and possibly finance interest on the properties). I doubt this guy is losing money mind you but its not pure profit either.