Utilities can be a big issue if you are in a colder climate and the gas gets turned off in the winter. 3x rent is a good start, and I would include the section 8 money as income to them.

Get pertinent information on the area, the climate, etc.

Even if competitors wanted to come in they physically could not.Ill run through the numbers with you.Previous owner purchased in 2004 for $649,000.We purchased in August of 2012 for $515,000.I have tried increasing the rents, but when I do people move into the large climate controlled facility.

Wells are only a problem in bedrocky type land (like upstate NY where you're talking), or in semi-arid climate.

I don't know if its the city I am in or its just the climate right now for the market as a whole, but I can't seem to get my first property under contract..

If they rent until spring or summer, (4 months as per our agreement) I think it will be a better selling climate.

However I live is a hot climate.  

When times are poor, you'll be sitting waiting for the business climate to change.

Vegas has some of the lowest tax's in the US.. desert climate as oppossed to thaw freeze or deep south rain clay soils thunderstorms wind etc.. grass that grows a foot in one month  LOL.. and a big one is houses that were built with modern codes most with stucco and tile roofs.. compared to houses that are 50 to 125 years old . 

I've been following rates for years and this climate is too volatile to try to regain too much cost on any particular rate.