With that said, we have started to learn how to use the multifamily underwriting spreadsheets including the "napkin" underwriting spreadsheets. 

If you are looking for something to fill your day again, you should get a small notebook (only use it for this) and whenever you have free space in your day pull up a market on Zillow and start analyzing every single family house listed for sale that is in your price range and run napkin investment numbers on it to determine how it would perform as an investment property based solely off of the info that you can find online.

And stats that cleaning the drains regularly is apart of the tenants responsibility from maintaining a clean and sanitary environment.  

This helps with sanitary reasons with shared air (smells, COVID or whatever getting sucked through the intake and blown into other unit)  If you have 2 electric meters and 1 gas meter you could convert one to electric instead of adding another gas meter.For some reason whenever I talk to hvac guys about mini splits they never think it’s a good idea, not sure why I think they sound like a good idea.  

My point is, you should always be prepared for unforeseen expenses from day one. good point rentals are pretty easy.. and napkin math should be used to figure out if you want to delve in deeper dont see the need for some major calculator.. expenses run 40 to 60% 95% of the time for 99% of rentals over a long haul.. thats all you need to know..

I do my own contracting so my costs are a little lower, but a really really really basic rule of thumb i use for a napkin type estimate is  as followspaint carpet granite flip ( basic quick flip nothing major being done) -- $10 psf Remodel kitchen and baths ( keep cabinets but refinish them, and update the rest and paint the house)-- $20 psfNew flooring and the other above work no walls moved -- $30 psf Moving walls and all of the other above work through out keep plumbing electrical and siding-- $40 psfFull rehab new everything $50-60 psfAdding sq ft-- $80-100 psfTHIS IS VERY VERY ROUGH i do not recommend using this for anything other than a super quick guesstimate.

If you don't have these pieces of information, no fancy real estate deal analysis software being peddled by the real estate money gurus will help you.On the other hand, if you have all that verified financial and house payment information from the seller, you can do all the real estate deal analysis you need on a paper napkin and be successful.What's the moral of this story?

Next guy slides a napkin over it and hides it.

The least work possible is to remove the oven (so it's not a "kitchen") and remove the toilet (put a sanitary cover over the sewer hole, there now it's not a "bathroom"). 

@Jacoby Atako If I submit something to you that you haven’t seen I feel confident that a good investor will 1) give me feedback on their thoughts 2) respect me as the procuring cause, if they have not seen it 3) this is not necessary, but the real pros write their own LOIs and submit them to me in an email I can fwd to a listing agent or owner.If there’s interest, I will hop on the phone and give you my impression of why I thought this was a good opportunity (there’s always a story) and the back of the napkin numbers that anchor my thinking: market lease rates, lease up time, scope of work of improvements and the value of the property once stabilized based on a conservative cap rate and NOI estimate based on my assumptions.