I'm just saying that a condo with a $500/month fee will not be represented well doing a quick 50% rule napkin math.

Back of napkin math: fair purchase price, 600k and would rent for around 3k.

I view them as a step above back of napkin math but well below of full detailed underwriting.That being said, no matter which model you use, it is only as valuable as the inputs you enter into it.  

It bragged that the property backed up to "government land".There's lots of government land around here: BLM, National Grasslands, National Forest, State Forest, National Monument, State Parks.......So I took a look to see what government land.The property backs up to the Sanitary Landfill.

Items such as food scraps, cotton balls, q-tips, paper towels, napkins, feminine hygiene products and diapers are not to be flushed down the toilets.

See my non-professional numbers below:I was doing a quick on-the-napkin calculation of buying 15 of $100K homes, which would allow for ~$3636 in depreciation on each property per year, ~54K in total tax write-off/income reduction per year. 

When the water closet backs up at the 4" sanitary T, waste goes upstream to your tub.

Like down to napkins or sunscreen.

A good strategy that worked for me flipping remotely was to filter my potential properties through my napkin heuristics based on pictures and advertised info, then if it passed that test, then have my trusted agent do a walkthrough with me on facetime while we go down the checklist of items and estimate them, and if it still worked as a deal, then we would offer, and after acceptance the crews go out and bid on it. 

Some folks here buy houses making their numbers on napkins (not me thought).