They take ARV multiply it by .7 and deduct rehab costs to get their purchase price.  

I can't help but imagine what buying power $200-$300K would give me to multiply my portfolio.

Find the total monthly rent and multiply it by 0.50 to find average expenses per month.  

Multiply current payments to the new payments and see if it will be worth it.

For what it's worth, I calculate my maximum price (all-in) by dividing the median rent for the area by 0.017 (59 rent multiplier, in other words).

By the way, for anyone reading who's not familiar with Michigan property taxes, the way it works is you multiply the millage rate times the Taxable Value.

Multiply that by the number of years left on existing roof.

A general tool is Gross Rent Multiplier (GRM), not very precise but handy when doing a quick value assessment.

The Gross Rent Multiplier is 4.3 at the current list price, if you're into that kind of thing.I am very excited to hear your feedback!

The appraiser would adjust according for the monthly rental amount based on features, amenties, condition, location, and proximity to determine market rent and apply the most resonable GRM to your gross monthly rent.So for instance if your market gross rents are determined to be $3000 (750 per unit X 4) and the GRM was 75X then your 3000 would be multiplied by 75 to end up with a market value of $$225,000.Cap rates are great but no residential appraiser uses CAP rate, you can however use it for your "own," analysis to determine your ROI criteria but it has no bearing till you enter 5+ multi family, commercial, retail, and business financing.