OpEx should be applied to total units, not just occupied units. Don’t dig into this too much, it’s just a high level assumption on average. Generally speaking, it’s hard to scale the majority of OpEx items up and down with unit-level occupancy (personnel, repairs, building services, taxes, insurance, etc.)
CapEx per unit should be multiplied by all units, yes.
Yes, feel free to occupancy-adjust other income.
jeowong—I’ll aim to review your model tonight.