The MAO formula (70% of ARV Minus Repairs Minus Wholesale_Fee) only makes sense for fix-and-flip deals.For rental deals, you'll need to calculate the metrics that matter to a landlord, starting with Cash Flow and Cash-on-Cash-return.To do this you'll need to estimate Income and Operating Expenses to get Net Operating Income (NOI).

My estimates are that I would NET $100k per property after taxes and commissions.My income will basically stay the same. 

Second lowest property taxes in the nation behind Hawaii.Montgomery county tax estimate formula is: appraised value x 20% (without homestead) x .0365

Scott The Book on Flipping Houses,The Book on Estimating ReHab Costshttp://www.biggerpockets.com/flippingbookLocate and attend 3 different local REIA club meetings great place to meet people gather resources and info.

Unless you have a specific property under contract, there really isn't anything other than some rough numbers and estimates. 

What you don’t know or check, can come back and bite you in your estimating & repair.  

These smaller deals are much easier to estimate numbers and look at as there are not as many moving parts.  

My realtor/PM says $0.95 to $1.05 per sq. ft. is a reasonable monthly rent for a 4 BR/2 BA property in that area, which (according to the BiggerPockets calculator estimate I did) is enough to cover the monthly payment plus the above costs I mentioned.I anticipate putting down my deposit and earnest money in the next few days. 

The estimate I got for the renovation of the space was $110,000.

Price point is around half of Nashville's but it's going to continue to grow from all my estimations.