As investors we seem to have "formulas" or rules of thumb to help us through our decisions.  1% rule, 70% ARV, etc...Anything that helps you quickly decide when a short term rental is better than a long term rental?

Fourth, the cap rate is mathematically factored into the subject's calculated NOI and an opinion of value is developed based on that formula. 

If you're looking for rental ready / Financeable properties on the market they're not really going to "work" for most investors operating on formulas. 

But even if I do that, by the formula you broke it is only about $48 a month, so ultimately not worth it unless I try to charge more in rent.Your formula is Cashflow = total revenue - rent, but you plugged in 540 for rent instead of 840.

Don’t want to give you the detail calulations formula without knowing what’s going on with you primary residence. 

Do it again and again and you will start to come up with your own formula that works. 

I do realize that many have made decent money at the very low end of the market, but that takes quite a strong stomach, and I believe also was a function of particular market conditions which aren't likely to exist again any time soon (IE these properties got absolutely crushed in the downturn of a decade ago and were picked up for a song.

I have a formula for multis but let's just say 100 for the building plus 100 per unit as a rough number and that's still not super conservative.

The formulas that are used at a marketing session works at home.

Either business attire or stuff I will wear at a show....When I'm at home, I usually can be found either in the home office doing real estate stuff or in the back band room working on a song, or a recording or setlist, etc.I understand my situation is unique.