How to run the numbers on a rental property

[Kim Alvarez]

Hi BP I am new to real estate investing. I just recently purchase a 2 family unit. I really don't understand how to figure out the numbers. When I use one of those analyzing calculators it's showing me I will be in the hole $143 a month. But I own the property 16 months now and I feel like I am making money so I don't understand what I'm doing wrong.. when I do my calculations for example. I'm coming up with a profit of over $500 I'm planning to purchase another rental property but I need to make sure I'm understanding this right

Example purchase property for $131,000

Put about $4,700 down mortgage with taxes insurance and garbage is $1060

Rent income $1975 - $1060 = $915

Maintenance fee vacants miscellaneous 35%

$915 - 35% = $594.75