Here are the numbers:Asking Price $495,000(they had it listed at 399 about a year and a half ago)Year Built: 1995(10) 2/1 units, 1100 sq ft townhouse style with laundry in attached shed, very poor design on laundry in unheated space)$6175 Gross monthly rent (9 units@625, 1 @ 550)$74100 Gross Annual$6272 Taxes$1900 Insurance$7410 Property Manager (figuring 10%)$950 Garbage$4968 Water/Sewer$7410 Maintenance and repairs (figuring 10%)$1200 Snow/Lawn$7410 Vacancy (figuring 10%)$37520 Total Annual Expenses$36,580 Net Operating IncomeThinking we could get it around $425,000 so 8.6% cap rateI know I need to factor in the loan/closing costs, I'm in the initial phases of finding out what that would be.

Born and raised in Rochester, NY but sooo glad to be away from the snow.

It`s a beautiful snow-stormy morning here on LI -beautiful because I get the day off from work with pay :D I`m in a 100% totally unrelated(to RE) line of work, but have always beenthe entrepeneurial sort at heart.

In the example I gave above, you could sheet overtop of the 2x4 strapping and lay an asphalt roof (we do that if the pitch is low - say 4/12 or less - enough you might actually need to get on the roof for snow removal).

My husband would maintain, there's a tenant that has 50 $ off his rent because he takes care of snow removal , lawn , I think garbage is taken care of by the town .

Snow removal, mowing, painting, etc.

Probably no snow removal in Arkansas, right?

Keep in mind that you are going to have closing costs, interest, taxes, insurance, utilities, lawn/snow maintenance costs on top of all of the rehab money you are budgeting. 

I understand snow may be an issue at times of the year.

IMO, @Emily Snow, it does not make sense to refi your primary and pay off the rental.