First rental - our old home

[Brian Falcon]

Hi all. We built a new home last year and were financially able to keep our old one and have it rented with a 2 year lease ($2,275/mo). We did it sort of ad hock knowing we could sell if it didn't work because the area is very desirable. I want to reverse engineer an analysis, just to learn the process. Could I just use the BP calculator for this? What confuses me is that we bought the home in 2004 and had it mostly paid off. (Paid 258k, Zillow lists current value at 393k) However we opened a HELOC to partially fund the new home. So would I just put my HELOC payment in place of mortgage since that's our only payment now? We have 8 years to pay off the HELOC. Of course we have all the tax and insurance data since we're paying those. When listing tax, do you just combine the property and school tax into one number? Also, we wouldn't be listing closing costs, etc. since we already own the property. Would this make numbers inaccurate - or should I dig into old paperwork to see if I can find what we paid for those costs in 2004? Sorry for the newbie questions... just looking for some guidance from those with more experience, so I can see real numbers on how this looks on paper once I account for cap ex, etc. Thanks in advance.

Brian