I am also a Realtor in the area so I know the market and how to calculate comps quite well.

Net income = $39,240Monthly operating expenses are as follows: Trash - $33, Landscaping/yard - $66, Electric - tenants pay, Water - $95, Maintenance $87Monthly taxes about 3KSo, gross expenses are at $41,064If I'm doing the calculations correctly, my net operating income is -$21,888 and cap rate is -3.4%.Obviously the current numbers look terrible for this investment, but I feel like the rent should be raised significantly based on comps (above 2K each unit). 

And thanks for the heads up on that I didn’t factor that into my calculations.

Does anyone know of a rental analysis calculator type of thing that is free?

Hi All,In order to calculate the depreciation of a property, I need to separate the cost of the land. 

Do I have to calculate extra repairs or something?

The number usually varies from 10-20% depending on credit score, property analysis, etc.Some lenders will work with any level of investor experience, credit scores as low as 660 and can close in as little as 10 days (there are loan options for 640-660 credit scores- they require 20% down).Another good thing is interest only and 6-24 month loan terms- you can refinance by selling or refinancing to a long term DSCR rental property loan at any time once you complete the rehab.Once the property is ready you can sell it or if you want to keep the property as a long term investment, you can underwrite the loan based on your income /debt to income (DTI) ratios or you can go the DSCR route where the loan is underwritten based on the actual or market rents from the appraisal.DSCR loans won't use your income to underwrite the loan.DSCR loans are based off of down payment, credit score and either actual or market rents so it helps to supercharge an investor's real estate goals and net worth.Here's a bit more in detail about how rates are calculated for DSCR loans:1.

is this calculated as a % of something or just a low-side flat $ requirement you've come up with specific to your own personal scenario?

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That’s $104,664 annually (actually increasing each month since the payments to us are all interest but the amount of principal we are paying off on the underlying note is increasing with each payment), on an “investment” of $523,000 (which is calculated as the amount of additional cash we would have received by accepting the all cash offer).