Generally it's normal to take the last three months of income (called "trailing 3" or "T-3"), multiply it by 4 (which annualizes it) and then subtract the expenses from the last twelve months (called "trailing 12" or "T-12"). 

Just looking briefly in areas around me (Chicagoland), monthly board for one horse can be anywhere from $300 to over $1000 - and multiply that for however many stalls that are available and it seems like you could see some serious cash.

Part of their income is based on interest they receive on the delay between taking the money from your tenant and delivering it to your bank over 3-5 days multiplied by thousands and thousands of customers.

2% rule would have this at $182500 max; basically multiply total monthly rent by 50 (or divide by 2%).

Some use the average price per square foot of the rent comps and multiply this by the square footage of the property to be purchased.

.  $$$$$$ comps -rehab cost +15% ______________XXXXXXXX  multiply by .70 to get an offer price and try to stay under 80% but as close to 70 as you can. 

The 3rd column is used for expenses I might add later, or to add up expenses that will be multiplied (the identical bedrooms). 

.$1,500 + $818= $2,318/month multiplied by 24 months is $55,632.I know that the number will be lower than $55k because of many costs involved, so let's say for 2 years the cost of business is $10,000... so that will leave with $45k for a downpayment on a 3rd home.After 2 years I will move out of the 2br and can collect $1,300/month from that which will be "profit" to $2,118/month.Going into the purchase of a 3rd home, I can have $45k in cash for a down payment, and have a cash flow of $2,300/month.

My understanding is there is an accepted formula where-by they determine the unit value of the largest available replacement tree, and then multiply by the number of units of the removed tree, and then any adjustment values for location, breed and such.I will ask the tenant to grab a leaf and an acorn for species identification purposes.

Hence 3x is a nice affordability multiplier.