I use spreadsheets and other resources to confirm my mental and napkin math.  

(g) Building, grounds, appurtenances and all other areas under the landlord’s control at the time of the commencement of the tenancy in every part clean, sanitary and reasonably free from all accumulations of debris, filth, rubbish, garbage, rodents, insects and vermin.

Tenant agrees to keep quarters clean and in a sanitary condition.

napkin math we have done with rents at about 1200 or less 40 to 50% of gross for costreal low rents and the number goes higher.. if you do better great but this should give you a reality number over a 10 year hold.  

Steven Picker it always seems like the real big fish do their deals on the back of a bar napkin .

I wouldn't dream of keeping an existing mattress, or getting a used one (I believe it is illegal to sell used mattresses - Goodwill, etc. will not accept donations of used mattresses for sanitary reasons, and if Goodwill isn't going to take it, I definitely am not.  

Unlevered ROI = 24%Obviously, these are just rough back-of-the-napkin numbers, but does this look like a deal you would consider?

Are other Massachusetts landlord's aware of proposed changes to the state sanitary code?   

Napkin math tells us: 200k = 1mil loan ammount300/door (average) you'd need about 16 doors at that, probably going to go over your 1 mil loan. 

Debt Service on the property $241,395 @ 25% ($60,348) down is $181,047 or $906/month.Cash Flow = $2,875 - $191.67 - $733.33 - $220 - $201.25 - $201.25 - $143.75 - $906 = $277.75/month...on 5 units...Because I focus on cash flow, this property doesn't initially pass my napkin test but if its under market rents, it might be worth digging into more.