They stated the cap rate is about 7% but I calculated 3%. 

I still have some work work to do before I can get it in good enough condition for it to cash flow, right now if I were to rent it I would most likely break even (I bought this place before doing the calculations, and discovering BP)My question is this:Am I able to tax deduct expenses I use to get this place upgrade, since I PLAN on making it a rental property?

Are there any BP calculator tutorial videos?

View report*This link comes directly from our calculators, based on information input by the member who posted.

I guess the real question here is i suck at excel and would love to see template examples of some sheets that auto calculate well like for when i input my expenses after rent like percentage saved for vacancy repairs and capital expenditures plus other miscellaneous expenses to help me remain error free. lasrt thing i want to do is realize i forgot something then have to re do the whole thing months from now.

View report*This link comes directly from our calculators, based on information input by the member who posted.

View report*This link comes directly from our calculators, based on information input by the member who posted.

Anybody have good math or calculators on this type of situation?

I am the type to jump right in so I looked up a bit of information, calculated my costs (totally not taking everything into account) and set my rent.

This will give you a ballpark of where it should trade, even without seeing any financials.Thanks for the mention Evan.If the issue is the building does not make money so how do you calculate the NOI, then do read the forum thread link that Evan provided.If the issue is the seller is not willing to provide any info, then you have to make some assumptions.