Exactly: When doing the numbers, you have to compare apples with apples. You can't compare an apple with a shrivelled-up raisin.
Another thing that is often forgotten when doing the numbers is the interest that would be earned on one's own equity in the property, if one didn't own it and was able to put it into an interest-bearing account.
As for CX's expenses regime, is that locked in? Or is it something that CX can adjust annually? If the latter, then why place any reliance on it?