To answer your question you need to determine the ARV and subtract all your renovation costs, all closing costs, carrying costs, etc.

Setup cost $1k/month, + lease $3k/month, plus insurance $1,250/month, plus utilities $350/month, plus maintenance $150/month, etc, = $5,750 expected outflow/monthThen take expected income $7,500, subtract expected outflow of $5,750 = $1,750/month expected incomMultiply $1,750 times lease months (36) to get gross expected profit ($63,000) and subtract setup cost to get net expected profit ($63k-$36k) = $27k To get total ROI multiply monthly expected expenses by lease term, add setup cost, then divide  gross expected profit by the result (($5,750*36)+$36k) = $243,000 ROI $63000/$243,000 = ~26% or ~9%/year. 

You expect to owe at least $1,000 in tax for 2019, after subtracting your withholding and refundable credits. 2.

This property has appreciated $4.3K/month ($3.4k/month when subtracting out $60K value add costs) over the hold period.Was it speculation? 

To determine NOI you will take the gross income and subtract ALL expenses to include taxes and insurance, property management, utilities, etc.

If the only reason is you are all carpenters, the partnership will not survive.First, I recommend you understand these formulas:1 -  Friend + ship = friendship2 -  Partner + ship = Partnership...if you subtract "ship" from both formulas, you'll find that...                       

This works with price per square foot as well as like property recently sold in the area.Personally, I subtract 3% from this figure and call it the "target flip price" in an attempt to insulate my end buyer from fluctuations in the market.

Take your monthly rent and subtract all your costs (including depreciation.)

That tells you how long it will take before you have recovered all of your cost...and you start making a profit.Also, take your total equity and subtract your cost from it...your cost being all the cash (only cash) you have put into the deal. 

Take your marginal tax rate (usually listed on one of the first few pages of your tax return) & subtract it from 1