An investor friendly agent can do all sorts of helpful things, like setting you up with a search for properties or connecting you with folks who have recently done deals like the ones you want to do. 6) Consider analyzing a deal or two in your local market, just for practice, with a free use of our Rental Property Calculator (or other calculators).

Based on my calculations it seems a bit overpriced.

Most of the cash-on-cash returns I'm seeing when calculating even modest management fees and repair/reserve stowaways seem to be consistently in the 4-6% range for COC, and that's assuming no big surprise expenses that affect cashflow. 3b) Even 50 miles outside of Atlanta like Dawsonville, Cumming, Matt areas are expensive for a modest home in areas that have room to grow and don't suffer from being a food desert (you know what areas of the city and metro area I'm talking about).

The experience you will gain and making a calculated decision (which you clearly are) will be incredibly valuable in my opinion. 

Play with a BP rental calculator to simulate. 

Hey @Anthony Warlick, did you load this into a deal calculator and bracket out costs for CapEx, Vacancy, Repairs, PM, etc?

Otherwise you will have to pay higher rental mortgage rate.4) If all goes well, you buy your new home to live in with FHA 3% down or FNMA 5%+ down and rent out unit you were living in. 5) Yes, you may have negative cashflow on the rental for the next 1-3 years, until rents increase, but this is part of investing.Be sure to calculate any changes in the rental property taxes and home insurance resulting from you moving out.

Is there a formula anybody uses to calculate how much they should spend on the land? 

Go ahead, pull out your calculator.

With this in mind, how would you calculate COCROI vs NOI vs ROE, etc if properties are paid off.