You can count this as crucial step. 

Especially interest rates on consumer debt such as non crucial items put on credit cards for 20% interest. 

I flip homes here in Orange County and my latest flip is in Laguna Hills.

I can direct mail in Orange County, Riverside Country, LA County, San Bernardino County, and San Diego County. 

To calculate "Net Return" as NOI/DP is IMO mixing apples and oranges.

Culinary Dropout and Orange Theory Fitness are opening right down the street from this project.

I've enjoyed listening to all the BP podcasts and it's time for me to take that ever crucial first step and dive into the market. 

btw @Patrick Philip Don't know your goal/range, but I'm waiting for a 2-3 ac lakefront lot on Orange Ave in Winter Springs to list this spring/summer.

Here's an example of how the math usually works when I look at it...http://www.loopnet.com/Listing/3121-3205-Orange-Ce...Purchase price = $2,480,000NOI before debt service (derived from 7.6% cap rate) = $188,480If 80% of purchase is financed over 30 years at 5%, that is $127,807.68 in annual mortgage payments.This leaves $60,672.32 in profit every year, until Year 31 when the mortgage is paid off.This is a down payment of $496,000 that you wouldn't see back until over 8 years.

The area is away from the mean streets of Newark, East Orange, and Irvington and close to Union and Maplewood.