Determining rent rolls from MLS?

[Paul Spangler]

I've been looking for a multifamily in the Portland, Oregon area and browsing the listings on realtor.com, and some of them have an "actual gross income" value in the info. Should I take that as the annual rent roll when determining if I want to look further into the property? I'm trying to buy using an FHA loan and they need the PITI to be less than 85% of the market rent for the property and I'm having trouble figuring out if a property will meet that at first glance.

[Mike Nuss]

You're thought process is correct in, yes you should be able to take the actual gross income and divide by twelve. But it's based on what the realtor inserts for rent. This value is really a variable. It could be current rent or their opinion of market rent because of vacant units and/or no recent market rent history to show/prove. There should be a monthly rent reported for each unit, although that's not always filled out. When it is filled out its subject to the same variables discussed above. So look for both annual gross as well as monthly rent per unit. Then read the comments for editorial regarding the reported numbers. 

Hope this helps