If I evaluated that property I would use 8.33% for vacancy (equivalent to 1 month's rent) and another 5% for Capex.  

Many deals that I've evaluated would cash flow as-is, still have potential to increase rents, and leave sellers with capital gains if sold on actual NOI.

So for me when I am evaluating properties in that class I use at least 15% combined to account for maintenance and capex.  

I have health issues so most of my work is searching and evaluating props on line.

My question is how do you evaluate land.

Too often I see realtors that are great at selling and evaluating investments but don't actually invest themselves. 

The best thing you should do is to evaluate the average value for similar properties in the area.

Hi @Chris Webb,When evaluating your cashflow, ensure you include the delta between your old and new mortgage payment as an expense associated with the new real estate acquisition.

@Mark Davis  No, in order to get approved by a bank or mortgage company they would need a particular property to evaluate (and order an appraisal).  

All they can do is say no or yes, if they say no, move on, if they say yes, and from your evaluation it is a good deal, you can probably find a bunch of other investors on bigger pockets who will come to your aid and who you can share the deal with as you learn.