Try using  the cost per square foot of a similar home, and multiply that by the square footage of your home to get a rough value.

For what it's worth, I calculate my maximum price (all-in) by dividing the median rent for the area by 0.017 (59 rent multiplier, in other words).

By the way, for anyone reading who's not familiar with Michigan property taxes, the way it works is you multiply the millage rate times the Taxable Value.

Depending on what mechanicals are there multiply that by at least 4.

For example, I've heard some people will multiply the square footage by anything from 10-20 depending on basic observations of the condition to get a rough number for rehab.

A 1000% gain multiplies your money by a factor of 10 so your $50,000 becomes $500,000.If your money grows from $50,000 to $500,000 in 30 years you have made about 8% per year compounded.Yes, a 3% increase in rent income can result in a greater than 3% increase in your cash flow.

Since my initial post, I've spoken with several loan officers and have analyzed multiply scenarios surrounding all my options.

@Amy Ranae I'm guessing you're doing this locally but I'd have a conversation with a realtor about what the going rate in term of Gross Rent Multipliers are.  

The only thing I would add to the mix is rent multiplier.  

You need to multiply that by 70% (0.70), subtract the repairs (let's say $20K) and then, subtract your profit (let's say $5K).