Maybe my expenses and reserves are too conservative, but I think they're reasonable:PM: 10% - actualVacancy: 8% - estimate; 1 month/year and includes annual lease-up for tenant renewal (just a few hundred dollars, so less than 8%)Repairs: 5% - estimateCap-Ex: 5% - estimateGross rent is $885/month for this 3/2 rental. 

I can't speak to their ROI but its still better than annual rental.

That said here are the two calculations:CCR = Annual Pre-Tax Cash Flow  /  Actual Cash Invested x 100%Annual Pre-Tax Cash Flow = Gross Scheduled Rent + Other Income  - Vacancy - Operating Expenses - Annual Debt Service I’m sure you  have seen these before.  

We had quite a few but the best was the SFH rental with an ongoing annual sewer backup after heavy rains etc.

Laurel & Wolf is another virtual design service gives ideas and shopping list $79/room is what I think I've seen advertised. 

Typically, the documents included are: Annual Financials, Articles of Incorporation, Budget, Bylaws, CC&Rs, Insurance Declaration Page, Regular Meeting Minutes, Resale Certificate/Demand, Reserve Report, Rules and Regulations.

Annual inspections, single families pay their own utilities.

We are going to turn the vacation rental into an annual rental that should cash flow 700$ a month.

I have no knowledge of how that works.Vacancy (10%)Repairs & Maintenance (5%)CapEx (6%)Management Fees (0%)- I’ll be learning from this property, but hope to handle management alone.Future Assumptions: Ultra ConservativeAnnual Income Growth: 1%Annual PV Growth: 1%Annual Expense Growth: 1%This results in $573 in net cash flow per month, which sounds good.

Hello,Appreciate if someone can please advise and explain the "Annualized Total Return" calculation on Bigger Pockets Rental Property Calculator.