In order to do this accurately, though, it does help to have a team to give you correct inputs... a lender for the financing, insurance agent for accurate policy quotes, an agent or fellow investor that can properly break down the market rents (this one cannot be over-emphasized as this city is block-by-block), and maybe even a contractor to help provide accurate renovation costs.

Year long lease typically, with subletting allowed to offset summer months cost to tenant.I worked out some high-level math: Assuming there is a 6 bedroom single family house for sale for 800k, and I can rent for 6k/month.Financing: 350k cash, 450k loan @30yr, 3.8%.Assumptions: 7% vacancy/yr, $4000/yr repairs, $10k/yr property tax, $4k/yr insurance, 8% management fee+50% first month rent on new leaseMonth-to-month breakdown: Income: $6000 Vacancy, Mgmt fee, repair, taxes, insurance: $2300Loan PI: $2650I'd take home ~$1000/month. 

Does anyone have any recommendations for a property manager or insurance broker?

Generally - the depreciation on the structure, mortgage interest, property taxes, repairs & maintenance, insurance, property manager, utilities, vehicle expenses (mileage), professional fees (reports/CPA), home office (office supplies, percentage of utilities, continuing education).

Also make sure that you're up to date on the rules for the city state and county as it pertains to rooming houses and factor in higher than average insurance costs as you do your DD.

Options - collect full payment for the 3 months up front and lower the deposit to secure against damages only, require insurance.

Even at that point it was hard to get "cash flow" meaning that the tenant from one unit rent would pay for the entire mortgage payment plus insurance/taxes with money left over (the cash flow). at least in a desirable, secure area of town. 

Critical Questions to Ask a GC To ensure you hire the right GC and avoid delays or cost overruns, ask: • Experience & Licensing: • Are you licensed and insured?

So my insurance was paying $6200 a month for "barely" furnished 2-2 apartment new the Arboretum. 

If your estimated rent from a property pays off the Mortgage + Maintenance + Property Tax + Insurance.