1st rental in CO

[Forrest Lundstrom]

Hello all! --

I'm fairly new to REI, mostly thinking\researching about the possibility for several years. Now I've
started.
I bought a foreclosure 3 years ago (intending to live in it), fixed it up, and now am renting it as I've found a new job elsewhere.

$240k purchase
$20k material costs
$20k my own time

$310-320k current appraisal

$2k monthly rental to doctor w/ 800 credit score
$1,350 mortgage
$150/month expense budgeted

I'm just learning the recommended rules of thumb. But am a little unclear on how to apply some of them to this situation. 2%, 50%, etc.