Another friend told me he makes between $70-$80K each year off of his rental property, however, he has a very, very nice home with 6 bedrooms, a sauna, a lake and it's near Hunter ski mountain so he pretty much gets year-round rentals.

(Utilities were rounded up on my part)The asking price is $115K (in a very small town, but the biggest town within a 50 mile radius).Monthly Rent                                          280010% Vacancy                                        -    280Gross Monthly Operating Income     252010% Property Management                   28010% Repairs Maintenance                      28010% CapEx Reserves                                280Property Taxes                                          280Property Insurance                                   200Heat                                                             270Electricity                                                    225Water                                                             75Monthly Operating Expenses              1890   Total Annual Operating Income           30240 Total Annual Operating Expenses     - 22680Annual Net Operating Income             7560Purchase Price                                    115000Cap Rate                                                6.57%25% Down Payment on Loan             28750Loan Amount                                        86250Closing Costs                                             300Length of Mortgage                             20 yrsAnnual Interest Rate                              5.0%Total Annual Debt Service                  6831Annual Cash Flow                                    729Monthly Cash Flow                                  $60Cash on Cash ROI                                   2.3%When I first saw a "6 unit apartment for only $115K" I thought it was a gold mine.

I will make dad the guarantor of the rent and will also do a back round check on him as well. 

Last month, 2,611 single-family homes sold in the Austin-Round Rock MSA.

Also, it seems one area of need up here is year-round rentals.

But square pegs aren’t meant for rounds holes and maybe I’m trying to work the.

Phoenix rounds out the top five with 31 acres.

I will be participating with money too at the first round and would like for the group to be open to other investors that want to come in now, but also later in time.

@Nicholas Lohr, how we handled this in 'simplified language' in our LLC Operating Agreement is this, using rounded number for simplicity - 1) We bought our rentals based on a price of "100 times monthly rent", meaning a duplex bringing in $1500 a month cost us 150K. 2) That is also the price we agreed to value them at if/when someone wants to sell their share.

I have a couple of acquaintances in the Round Rock/Cedar Park area, and I am familiar with the school districts from having talked to my close friend who lived there (she doesn't anymore) but am otherwise not in the know, so please throw some names and numbers at me to help me out.