I typically subtract 3%, of the ARV.Realtor Fees: What is the commission you are willing to pay your listing agent (unless you are the listing agent) and the buyer's agent.

There are free tools online everywhere, but basically you want to do the following:Gross Potential IncomeLess Vacancy= Gross IncomeSubtract the following expenses:Real Estate TaxesHazard InsuranceLiability InsuranceMaintenance (yes, even if you plan to DIY)SuppliesProperty Management (yes, even if you plan to DIY)UtilitiesLawncare/Snow removalLegal Costs (evictions, LLC formation/maintenance)Bad Debt (non-paying residents)City Occupancy LicensesPayment processing fees (for debit/credit cards)This will get your Net Operating Income.Then subtract debt service. 1st mortgage2nd mortgage (if applies)Line of Credit (if applies)This leaves you your free cash flow.

David, i often just a pencil and paper, total your income, use 85% of that number as a max, subtract your cost, if you still make 200 per door, your good. if stuff has a high deference on maintenance, your cost will be higher, unless you budget that up front.

If you subtract 16 out of the 35 equity you get 19, so that's where my guess was about the equity you could pull out.

I typically subtract 3%, of the ARV.Realtor Fees: What is the commission you are willing to pay your listing agent (unless you are the listing agent) and the buyer's agent.

Subtract that from your 20% retention (that does you no good anyway), you just increased your CF to over 300/mnth. 

At closing, the commission is subtracted from the money the seller receives. 

Once there, I could subtract the debt service and capital improvement set-aside (note this was a NN) to determine my net cash flow.  

if it needs a roof (subtract $15k) if the bathrooms are poor (subtract $5k per BA) if it doesn't have central heat on the first floor (Subtract $10k). 

Go through these steps to find your answer:1 - Find out exactly how much of a loan you can get when you refi.2 - Subtract the existing balance from your current loan, and the closing costs for this new loan, from this amount.