You now know your cash flow and what you can take out.Investors' problems sometimes include not budgeting correctly for repairs and maintenance and not factoring in a set amount that they will be contributing to their reserve account for CapEx (if you have CapEx repairs coming up sooner than later, put away more money into reserves now).To summarize, factor in all expenses and your monthly deposit into your reserve account before calculating your monthly cash flow.

Some contractors have insurance, some are 1 man band with no overhead, quality of work factors into cost, level of finishes.We created a calculator for our clients to use here in Chicago, specific to our renovation pricing, but even that is just a guess based on some assumptions.If you can find a quality general contractor, pay them like @Bruce Woodruff mentioned, and it will make your life so much easier...you may eat into some of your profits, but being able to rinse and repeat with someone you trust is priceless!

Feel free to share what’s most important to you and any other factors that influence your decision-making process.

It depends there are a lot of factors that were left out.

However, if you’re interested in maximizing your investment, multifamily properties offer multiple income streams and economies of scale.While current interest rates are a factor, the favorable conditions in Memphis may make it worthwhile to invest now.

I do understand this is just one factor in evaluating investment properties, but is there a “rule” or general number for price to rent ratios that indicate a “buy”?  

I definitely agree with you there - the appreciation potential is a really key factor.

There are numerous factors at play and your real estate tax professional is best positioned to opine on that.

Returns on cash invested will be huge when you factor in the appreciation gains.

Most contain a "fudge factor", where they say "We believe this represents this segment of the formula, and are often inflated in favor of the current administration, and later adjusted down.