Mgmt: $235 (10%)Prop tax: $262.50 (Rochester NY has 3% prop tax)Repairs: $117.50 (5%)Water & Sewer: $120 (figured $30mo per unit)Insurance: $75P&I: $425.62 (30yr 4.5%)Misc: $60 ($120 month  for a gardening for 6 month season)Not including snow removal$2350 Rent-$1802.12 Expenses$547.88 Cashflow (with 20% down)Looking at the 50% rule you mention it would indicate that I should cash flow approximately $1175 if it was purchased in cash.

As a gardener-a-holic and former landscaper, grass is cheap. 

One day last year, when I had my gardener cleaning my yard, the neighbor came and talked to my friend about the tree root problem.

We have a condo in Garden City.  

We spent about $94k: new: kitchen, baths, floors, carpets, windows, lighting, HVAC, gardens front and back.

The one they used just hooked to the garden hose, and it seems I could run something like that myself annually and probably save a bunch of money and be able to use it at other properties periodically as a maintenance item.

A 1900 sq. ft house in Central City close to the Garden District worth between $90-$150K that appears to be occupied and looks in very good condition.

In a hot Jupiter/Palm Beach Gardens market, deals don't sit on the MLS long at all.  

With a garden cleanup, it will show well from the curb.Perfect for either a rental with excellent cashflow, owner-occupied or, with summer lake recreation and winter snow skiing nearby, even AirBnB.

Sub-type: Garden/Low-Rise.