Looking at Milwaukee

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Hello mid-west!

I am completely new to this website, and to real estate in general. My fiancee and I are looking to invest in duplexes or single homes in Milwaukee. My fiancee and I have wanted to real estate for quite awhile, but we are really new to a lot of the lingo.

Rule of 2%. So I am currently talking to a owner of a property he wants to sell for $50k and claims there is a renter currently paying $850. He also claims the home has been newly renovated. Am I right in believing that this nearly satisfies the Rule of 2%? I am just trying to figure out how the calculations are done.

Newbie