On the expense side, it's far far greater than traditional rental:Traditional Rental:TaxInsuranceCapital expenditure Vacation Rental:TaxInsuranceCapital expenditureMarketing fee (fee you paid to airbnb & VRBO)Property management fee (25 - 40% of your REVENUE)FurnitureCable and internetGarbage and waterCleaning (which is usually paid separately by the renter)Much higher vacancy compare to long term rentalAfter all expense paid for, depending on how much you paid the house for, you may not be making much. 

When I analyze new builds I run the numbers from optimistic ranges: 0% capital expenditures and 5% maintenance, up to 10% for capital expenditures and 10% maintenance. 

Hey @Michael Dorey, Have you heard of Green Burials?

For your math, look at the payment (including taxes/insurance), repairs (short term), capital expenditures (long term), and utilities. 

I haven't purchased pro yet so I can't use the calculator again but I used the rental income calculator.Purchase Price $44,00030 Year conventional 3.75% interest 20% down is approximately $10,000 down with closing costsInsurance is 16$ per monthTax is 120$Mortgage is 163$ per month25th percentile (to be cautious)  for rent of similar houses in the area is 1050 I set the capital expenditures for $150 per month since it is an old houseI dont remember all the numbers exactly but the calculator left me with almost 400 in cash flow per month which is over 35% cash on cash return for the year. 

That says vacancy, operating expenses and capital expenditures will eat 50% of the gross scheduled rent.

This is $10k the employer must part with that can't be invested in capital expenditures, new labor, equipment, etc.

All expenses (in the IRS sense of the word), vacancies, and capital expenditures are included in the 50%.You can make three separate guesses at expenses, or just use one - 50%.

The following are not operating expenses: principal and interest, capital expenditures, depreciation, income taxes, and amortization of loan points.

It includes all the routine expenditures you make on a property.