http://www.redfin.com/CA/Santa-Cruz/924-3rd-St-95060/home/2155384Tax Amount: $2,331Gross Rent Multiplier: 227.03Rental Income: $13,875Net Income: $6,211Gross Scheduled Income: $13,875Gross Annual Income: $12,904Gross Annual Income Includes: RentsCapitalization Rate: 0.1970000000Oh man.

You ain't buying a job here, that comes free.then take the remaining half, and deduct all taxes and municipal charges, any recurring payables. multiply by 10 at most.

If I do my calc and take 31 pads @$135 and use a 60 multiplier, I get $251K value. 

Definitely start small, because when you are in the big leagues, a small mistake is multiplied many times over and can sink you very quickly.

My rule of thumb is to figure out how long you THINK a project should take and then multiply by three... it's actually scarily accurate a lot of the time, lol!

Multiply the total monthly income times 50% to get an estimated expense amount.  

Also, taping and mudding requires skill and experience, so even your estimate for replacing the ceiling, taping, mudding, insulation, exhaust fan multiplied by 2 rooms is underestimated.

It's a coefficient you multiply your equity on.

There is plenty of information available on the How-To of wholesaling and an avalanche of buyers out there ready willing and able to take them off your hands fast once you find and lock down good wholesale deals.

Most importantly, what you're going to want to iron out is an estimate on average rental price per night and multiply it by expected number of days per year.