Also remember you can also depreciate the cost of the system as well for added tax bonus (accelerated deprecation).

Re laundry money, i never include this in my calculation - i simply look at it as bonus income. your vacancy at 3% sounds low, again not knowing the location its hard to sell. 5% would be my lower estimate in high demand location and proven 100% occupancy in the last 2-3 years.Repairs and maintenance, unless the property was recently renovated top to bottom or you would renew the large items like roofs, HVAC, water heaters etc 5% and 4$ is tight. 

The added bonus, the books are very easy books to read.

@Mike Flora  I was at J Martins last Oakland event.. and Bruce Norris did the keynote and I sat with Sean at dinner.Bruce likes SFR and half the Q and A for him was exactly that when is the crash coming and how deep will it be.his comments now were geared towards west coast but I do believe they are germane in many markets.He feels a market is not heading down until 20 to 30% or more of MLS is foreclosure acitivty or short sales and in our area that boat has sailed.. there is very little of either.He did mention though that he felt MF was  to use his words  " FROTHY"  his statement was when he talks to other MF owners and ask them would you buy your property for what you could sell it for today or a like kind one.. it was a resounding NO.. which to him or his point was he felt it was over valued and at some risk for moving backwards.. and from my VERY limited knowledge on MF I suspect that only happens in an over build situation to many doors not enough renters and you have rental bonus wars..

If you made money on your first deal, that's a bonus... but the most important aspect is acquired knowledge.

Obviously the more the property is worth the more benefit you will obtain.If you are planning on continuously buying properties in the years to come, then it is much more than the "time value of money" it actually allows you to continuously lower your overall income tax by using the maximized accelerated depreciation on your new properties.The 100% (or 50%) option of of bonus depreciation, allows you to deduct all (or 50%) of that accelerated depreciation in year one, instead of spreading it over 5 years. 

So let us know if you want to share that.For me 17k x 2 years aka 34k bonus is not worth the cost and hassle of relocating to DC then back to Ohio and various transaction costs.

Also, with us having a lot of our income in bonuses and commissions it forces us to only rely on our salaries, and allows us to have big chunks for savings or paying off the HELOC...So much information!

Knowing what to say and what not to say also come into play and most sellers will screw that up to, though I admit so will many agents, therefore it is very important to find a good and highly experienced one.You mentioned not wanting to pay $900 more to list with an agen.

There is a washer and dryer.Things like the Smart TV, wifi, outdoor grill, firepit, horse shoe pit, nude female artwork in the bedrooms, etc. are just bonus things above and beyond staying in a motel room.