I am not ready to buy, but was looking for fun in my hometown Des Moines, Iowa.  I came across this 1 month old posting on CL. No pics unfortunately.  (link: http://desmoines.craigslist.org/reo/4712347923.htm...)

3 Studio and 1 2br1ba

Numbers from Listing:

Gross Income $29,520.00 

Operating Expenses $14,839.80
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Net Operating Income $14,680.20

Operating Expense - Breakdown
Taxes $4,182.00
Insurance $1,497.00
Utilities / Lawn $7,980.00
Repair / Vacancy / Misc $1,180.80 [estimated for reserve, actual vacancy has been 0%]

Sale Price $155,000.00 

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It is 4 units near downtown Des Moines.  Imputed rent of $615/unit seems right based on a cursory Zillow search, assuming the units aren't junkers.  Rents are 1.59% of Asking Price. 

Expenses come in right at about 50%, including a Vacancy assumption.  Poster claims no vacancy.  Utilities, save for Snow Removal, are owner paid, unfortunately.

Estimated Mortgage P+I is $625/mo (25% down, 5%, 30 year)

This leaves ~$600 in CF per month, or 18% Cash on Cash (not adjusted for Closing/Improvement cost).

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This is very rough, but does anyone have an opinion?  Just starting to run numbers for deals, so by all means, rip me apart.