This information will be based upon buying a rental property in cash or hard money and refinancing out of the property via traditional lending (BRRRR Strategy)Initial Phase Data AnalysisPurchase Price Rehab CostRent AmountAfter Repair Value (ARV)Once you understand these data points then you'll have an understanding of how much equity you'll have into the home immediately upon completing your renovation.Next Phase Data AnalysisDetermine your Net Operating IncomeNet Operating Income = Annual Income - Annual ExpenseTypical Investor Expenses (Varies depending upon the investor): Vacancy, Taxes, Property Insurance, Property Management, Property Maintenance, Cap Ex (Capital Expenditures), etc.Once you have budgeted for these expenses, you'll now understand what your NOI for this property is which gives you a much better indicator of how much money you're actually making.Next Phase Data AnalysisVisit your financing terms.

Based on the current, long real estate cycle and where interest rates, yields, and prices are, we've made the following adjustments:-Limited Flips above $600,000-Moved to buying multifamily out of California and Colorado to other states-Being extra disciplined on rent growth assumptions, vacancy assumptions, capital expenditure assumptions, and LTV/LTC for financing

As long as you keep those payments lower than the monthly rental income, you've got a cash flowing property AND a lump sum of money to invest or spend as you please (give yourself some wiggle room to account for vacancy, maintenance, capital expenditure, etc.). 

Every major component of this house has been replaced so capital expenditures would be minimal.

I would ensure that you have enough funds set aside for capital expenditures on the property before paying additional principle.

That's to cover capital expenditures that might come up over the years - a roof here, some HVAC there, etc.

From my observations, building credit is easiest and safest with predictable and regular expenditures (like gas and groceries).

I still factored in regular expenses which look like this:1500 month Rent for a 2/2 is very under priced in the location but want my choice of tenantsMonthy Expenses 1379.16Vacancy- 5%Repairs and Maintenance- 4%Capital Expenditures- 4%Property tax- 136.50HOA- 377Monthly Cash Flow is $120.845.78% pro CAP44k cash needed up front3.3 CoCROII know the numbers are not great but what I am planning to do is house hack to pay this property off in 1.5 years.  

You want to have a feel for what your capital expenditures are likely to be in the near future, and also the types of things you will likely have to address once the current tenants move out.I find it helpful to take a video while I am walking through, always ask permission first. 

As far as determining a reasonable asking price, you will need to see the NOI on the property, and determine the CAP rate that is the going rate for your area, then factor in any capital expenditures that you anticipate encountering such as replacing the roofing, HVAC, etc...After that, you'll want to determine what the cashflow will be and make sure you'll be able to service the debt, set aside money for vacancy, repair, and property management, and however much you'd like to net in cashflow.