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Quote from @Erick Pena: A "good" rental property is one that covers all expenses (mortgage, taxes, insurance, maintenance, property management fees, and any other costs) and still leave a surplus (commonly referred to as cash flow).Calculate cash flow as: Cash Flow = Rental Income − Operating Expenses − DebtThere's much more to it, but that's the basic idea.

Some must be using PriceLabs because it’s so common. 

Is it a common issue for beginners to get a PM on board with only 1 property to manage to start?

in a vast interview process with many steps before allowing someone to move in. a new roomie is an everyone-decision, not a landlord-only decision; if you're expecting people to co-exist in a space together (for longer than just a few months), you have to make sure they all have some things in common, or at minimum have the right expectations in terms of cleanliness and routine habits.someone working the night shift and someone else having a 5am rise-time, or someone who works from home in a call-center job is not going to jive well for example. and someone who doesnt handle conflict well is not going to jive with someone who is brutally honest and up front about issues. happy to go into more deets on how we do things if it will help. this can certainly be lucrative in terms of cash flow, but there are huge mud puddles i have stepped in over the years which i have had to learn to navigate.

Hey Denny - For rehab costs, a good place to start is breaking things down room by room and getting rough estimates for common repairs like the roof, HVAC, kitchen, light cosmetics, etc.

They can help you navigate the market and avoid common pitfalls.If you’re serious about taking the plunge, start analyzing properties in both Boston and Chicago markets to understand local trends.

Another popular option is Avail, which provides tenant screening along with other property management features.As for common mistakes, one big one is not having a clear set of criteria before starting.

I bout one in 2019 and it has turned into a gem for me, but at the time, it would not have been 1.25 1.25x is a very common DSCR for a bank.

I imagine there’s a different dynamic with tenants sharing common spaces, so I’d love to get your insights on how to manage this aspect effectively.Thanks for sharing your experience, looking forward to learning more!