. $800 gross rent = 40K max priceReduce price by major expenses, and to correct items above.There's some variation depending on the submarket, but this list would get someone started right.

They take all of their employees for granted and only gives raises to people in their inner circle.

That's 40% gross margin.

All he could give me were utility bills and gross rents.

I am a 1099 employee with a good wage and would-be a first time buyer.

So cap ex on the smaller properties takes a much bigger chunk out of the cash flow than on relatively similar properties in other areas with higher rents, and thus, a higher gross income.

The lender and it's employees are a disinterested third party just like an appraiser or home inspector. 

Not to throw shade on what you're doing, but you can buy a duplex,....move in ready probably in Cleveland (like I do now), Columbus, Philly, Memphis or KC that already has tenants in it for $85,000 and has gross rents of $1,200 to $2,200 in a decent neighborhood.I'm not an agent but probably plenty here on BP that can help you out with that.

So carefully weigh the benefits of this 3rd property vs your 401k benefits which might include employee match, stock market returns vs your historical real estate return.Make sure you really know your numbers.

Right now, my model shows this information automatically once the necessary information is entered: LTV, Cost/PSF, Cap Rate, GRM, CoCR, ROI, DSCR, projected revenues, expenses, and the resulting Gross Rental Income, Op Ex, NOI, Annual CF, Equity Capture, Appreciate and Total Return in dollar amounts over an 10 year model and adjusting for inflation.