Earned wealth in the hands of someone who worked hard to get it multiplies easily and it's only put into the hands of "active" partners after much due diligence.Contrast that with the ultimate passive money - the lotto. 

Then count the tabs from the bottom to the top and multiply by 5, then divide by 12.

Multiply that times 75%=$337.5k Take your repair costs. 40k and closing costs(normally holding costs utilities, taxes, insurance, etc. 10k=$50k. max offer is $337.5-$50k=$287.5K.

Vacancy cost is equal to market value multiplied by months on market. meaning if you market your property at $1500 and it sits for two months, you have lost $3000 in vacancy.

A detailed shopping list is your friend to avoid multiply trips to the store. 

As a good rule of thumb, if you take your gross monthly rents from the property you are buying and multiply by 75% and the resulting number is still greater than your monthly PITI plus any HOA payments, you should see no detrimental effect to your DTI for future purchases.

Rent to value is like a gross rent multiplier and does not reflect true cash on cash returns. 

Who knew gold multiplied 100 times from decades ago.

Finally, if you go to a local bank it probably will not help you get better terms, in fact it might even work against you due to stigma typically attached to an affordable project.In terms of starting out, you need pro-active property management, think the time and care you spend on your typical property multiplied by about 250%.

Rent control doesn't help.Using gross rent multiplier can help you eliminate a lot of properties without wasting your time on the calculations.