You are making 40% gross return.To calculate net, just subtract your expenses.

To follow up on what Amir said, to find the NOI a great strategy is to subtract your expenses from your gross operating income.

Subtract out the taxes then subtract out the total number of reservations x the cleaning fees.

Take your Rent and subtract the PITI + PMI and the reserves and you get your monthly cash flow. 

Takes a couple minutes.Your Name for the Property____Your Purchase Price of the Property (Subtract the Land Costs),____Freestanding, Leasehold Building/Renovation SELECT Freestanding ____ Leasehold Building/Renovation ____ Date Acquired or Placed in Service____Current Tax Year?

Take that number and subtract out the cost of demo.

So if you sold a home for 500,000, they will not subtract the basis from purchase, but will add 500k to your taxable income.

Subtract the hours you expect to sub for mechanical/electrical work.  

I would work with a local market pro to some up with an ARV (as repaired value), then subtract out your profit margin, closing costs, rehab cost, and remember to build in a little reserve for contingencies that pop up That becomes your "strike price" and you will never want to go above that no matter what.

I do have a property manager, and they added up all the repairs, last month of rent, time spend off market fixing the place, and send them a final statement once deposit was subtracted.