Yes BofA is all over the country but if you go to your local branch it's pretty likely that loan officer and/or office wouldn't be licensed to operate in another state. 

Hi Richard, Do you currently own/operate LTRs?

Estimating is both art & science and FWIW most professional estimators rarely get it spot on, usually operating within a Delta.There's tons of estimating books, software etc.

The other is a smaller operation which does a lot of business in the specific neighborhood the house is in.

I've been doing this 20 years, so know how to operate these.

.- Put Upward pressure on real estate operating costs: Increased costs for raw materials and supplies, and the likely increased costs for labor involved in many real estate related CapEx and maintenance projects signal the risk of increase in costs for real estate operators.If there is no impact on near-term supply, a modest slowing of inbound (illegal) migration, more reason to believe that the cost of many goods and services will increase, and real reason to believe that inflation triggered by something other than an increase in the money supply (namely the cost of specific goods and services that are NOT housing going up, which comprise the CPI) will force the Fed to raise rates, this, on the whole, is not good for real estate investment returns. 

Invested 3 years ago like others about $40,000 total which  included covering operational cost  for the first or so.  

So your 35% operating expenses makes sense and seem plenty conservative to me.  

Commercial Revenue Generating properties like office buildings, apartment buildings, retail centers, etc (banks call it "CRE" lending) are typically evaluated from their net operating income, not gross.

Thank you for your input.Keep a cheat sheet for your property(ies) with color brand/codes for each room and common info needed such as appliance info, fridge opening HxW, etc...Paint should be standard sets of colors for all the properties you have.Flat means hard to clean, repaint it all.