Here's what we operate by:Landlord Responsibilities: Landlord will at all times during the tenancy keep the premises fit for human habitation, and shall in particular:a.Cultivate, care for and mow surrounding grass, lawn, flowers, and shrubberyb.Maintain the premises to substantially comply with any applicable code, statue, ordinance, or regulation governing the premisec.Maintain the roof, floors, walls, chimneys, fireplaces, foundations, and all other structural components in reasonable good repair as to be usable and capable of resisting normal loadsd.Keep any shared or common areas reasonable clean, sanitary, and safe from defects increasing the hazards of fire or accidente.Provide a reasonable program for the control of infestation by insects, rodents, and other pests at move in f.Except where the condition is attributable to normal wear and tear, make repairs and arrangements necessary to put and keep the premises in as good condition as at move ing.Provide reasonably adequate locks and provide keys to the tenanth.Maintain all electrical, plumbing (main lines), heating, and other facilities and appliances supplied by Landlord in reasonably good working orderi.Maintain the unit in reasonably weather tight conditionj.Provide facilities adequate to supply heat and water and hot water as reasonably required by the tenant

With experience you are able to build out a complete and detailed expense proforma based on your knowledge of what an asset will take to run on everything from staffing, marketing, admin, legal, utilities, etc...Your approach of 50% Op Exp is usually close enough, if it's not an ABP property, for back of napkin numbers to see if the deal is worth digging deeper on.  

Take also consideration of city/county taxes, fees for construction or connection to utilities (sanitary, water, electrical, gas, communication, etc.), metering and all other secondary lines you need to include in your development for the two lots.  

If it's in the wrong spot, if it's difficult to run pipe from your sanitary fixtures to it, then putting in that second bathroom (or a half bathroom) where you want it might go from being a simple enough job to being a glorious PITA.

Plus I've met a new friend who was one of the first to patent paper napkins (yes, paper napkins).  

I've used Loopnet and simple napkin calculations for small-multis, are you getting better numbers from another site?

Hi @Scott Price,Thank you for that thorough answer.Please entertain a hypothetical for me.Your FICO goes down 100 points because you purchased drugs on your credit card, missed a bunch of CC payments, and the financials you provide are written on a bar napkin.

Looking for recommendations as I have a house that has a sanitary backup in the basement due to a blockage.

I pulled this off the Ohio Landlord Tenant laws...State Code 5321.04 Landlord Obligations Section 4 "Maintain in good and safe working order and condition all electrical, plumbing, sanitary, heating, ventilating, and air conditioning fixtures and appliances, and elevators, supplied or required to be supplied by the landlord"

In most situations, running an electrical circuit is easily accomplished with minimal damage and rework.120v in-line heaters are meant to be used as boosters for water that has already been pre-heated but where additional rise in temperature is required - the most common examples would be in washing machines which have steam clean or sanitary cycles and in dishwashers.