Is there such a thing as cashflow target? Examining a property

[Andrew Reid]

I am considering purchasing a 4-family property, living in a unit and refinance to remove PMI after a year or two.

After the following expenses, 1) Property Tax 2) PMI 3) Hazard Insurance, it would cashflow at about $880 per month. After calculating heat, sewer, water and common area electric, cashflow would be approx. $530 per month.

Does this seem like good cash flow? Its better than my first property ha-ha. This would be my second. 

Which calculator would allow me to build in FHA based loan and refinance? BURRR?