There are other ways to determine rental amounts like researching in zillow and/or rentometer, which I typically reference.

I gained equity in the property, and I got higher rents which lowered my living expenses while living there.

@Ezra Avery you might want to read below to understand Classes of Property/Tenants.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?

The typical 2-4 unit I represent buyers on we are able to increase rents 40-100% especially in gentrified areas.

My advice would be to start small with your first deals to gain experience before scaling up.

We go to our property typically 2-3 times a year.

Also, if you buy using a hard money lender or cash, Zach Starnes can do re-fi's off the appraised value shorter than the typical 6mos and then you might not need any money down if you buy at the right price.

Typically I see it on anything over 5 acres. 

Closing costs typically range from 2 to 5 percent of the total loan amount, and they include fees for the appraisal, title insurance and origination and underwriting of the loan.”When it comes to closing costs, a trusted lender can guide you through specifics and answer any questions you may have.

It also requires gaining a level of sophistication and knowledge that not everyone has the time, inclination or ability to do.