MikeOH,Actually, that is the 2% rule that you illustrated there.

Garage and storage spaces are not rented.Here are current numbers (have included 4th unit rent for illustration purposes and assumed 10% vacancy):Ask price: $99kRevenue annual: $18,360Non debt exp: $13,111 as I assume ppty management later, and the owner's electric meter serves garage and storage units also.

It also doesn't hurt to let her know you just documented the property condition with pictures and that New York state allows garnishment of wages for judgements.BTW - taking regular property inspection pictures before/after a lease starts/ends are great tools for documenting repairs, insurance issues, code compliance, use in court to illustrate damages.

There was a really good forum thread from the past 5 or 6 days that I had started and I think it illustrates the use of this really, really good. http://www.biggerpockets.com/forums/48/topics/75412When you look at that thread - and there are a lot more examples on here each day - you will see that there are 46 postings to it.

This is not to say that I'm an expert, because I'm certainly a neophyte, I'm simply trying to illustrate what I meant by 'unqualified'.

Regulations include property related laws like the time and cost of evictions, rent control, code compliance requirements, etc.I created a graphic that illustrates the process I would follow for selecting a location/property that meet the above criteria.

Steve Vaughn, love the illustration of the quote in the story about your parents.  

My market value example was merely to illustrate what the market is like in general, seeing as rental incomes at 0.5% of ARV-repairs imply that even if you get a fantastic deal at 50% of ARV-repairs, the rental income would still only be 1% of ARV.

Maybe I'm just illustrating that my investment objectives are different from a more active or fast paced investor?

Hi all,As the title illustrates I am looking for some pros and cons to living in a duplex I will purchase as an investment.