I usually use 8.33 (1 month in twelve) as a benchmark when analysing a property.Given your numbers, I am also presuming that the tenants pay their own heat/utilities (save water).This will give you and operating ratio between 43.5% and 49% (which may still be light, but could be correct if tenants are carrying their own utilities)This will leave you with NOI between $3200 and $2900/mth.  

Below are all the numbers.Offer to rent is $1800 per month + all utilities.

They jack up other fees And they routinely skip checking for “unrecorded liens” such as code violations, utilities, etc and Rxclude them from coverage in the B Rxvludions.

So if FTW is top pick of 4 sites, what are the odds it will come?

If they can afford the utilities and food, Take out an insurance policy on both of them.

(price per square foot is arguably the most common metric to value an investment, especially a property that will be delivered mostly vacant)What are the current taxes, and who is responsible for paying utilities?

And we have a nice yard that isn't being utilized. 

They sometimes overlook the free use of the space with no utility charges for at least the past 5 years when calculating their justification.My self-employed parents own the building, it is the source of their retirement income.

@Chris RandInvestors who have rental properties report their rental activities on schedule E.You report rental income less expenses(insurance, utilities, repairs, mortgage interest, real estate taxes, depreciation etc).The great thing about real estate is that you may have a cash-flow positive business but report a taxable loss thanks to depreciation.The difference between cash-flow and taxable rental income is that depreciation is factored into taxable rental income and principal payments are not a tax deduction.generally speaking cash flow - depreciation + principal payments = taxable rental income

Pick up the phone when it rings.