If you are vetting large-scale multifamily or commercial, you can do a bit more on spreadsheets, but still it would not be relevant without knowing the potential cap ex. 

The HELOC strategy may work, but many lenders are wary of putting a HELOC on an investment property and if they do they still cap LTV at 75-80%.

STRs can bring great returns but are higher risk and more hands-on, like small-cap stocks, while long-term rentals are stable and predictable, like large-cap investments.

NOI: $49,536CoC ROI: 16.57% / CashFlow: $1488/moPro forma cap: 8.26%Purchase cap: 11.79%Check out breakdown below 👇🏾 https://www.biggerpockets.com/analysis/rentals/6c76954e-deb6... 

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That makes sense with the cap rates I was coming up with (over 9%).

I applaud you for putting it out there but 1) maintenance/cap ex is far too low for a duplex 2) no PM. 3) vacancy at 1% will be challenging if achieving near market rent.

I really don’t know how to move forward.I do not see how this works$3800 (rent) - ~$1600 (p&i) -$340 (taxes) - $250 (insurance) - ~$1200 (maintenace/cap ex) - $380 (PM)  - $180 (vacancy) - $400 (water) ~$50 (misc) = -$600/monthin a market that appreciation and rent growth has not historically kept up with inflation.  

During your analysis did you include a percentage amount for vacancy, maintenance, and cap x?

I would definitely go with a utility cap.