At $22000 annual rent and 55% expenses that gives an NOI of $9,900... nearly identical to Todd's.

Both the sites I purchased property from were nearly identical in their process.  

And the units are identical.  

But just letting you know I am in a nearly identical position.

@Joseph Dimaria Trusts are designed to conceal the identity of the beneficiary.  

I have wanted to buy something in this neighborhood for a long time.I have networked with someone who is recommending setting this up as a rooming house, no leases but billed monthly (not weekly).Here's how it pencils out:Purchase price: $100,000 // +$5,000 for conventional mortgage closing(An identical duplex on the same street recently sold for $123,000)Initial renovations: $5,000Rent:$500 x 8 = $4,000/monthIncome - Coin Laundry:$200/monthTotal income:$4,200Monthly Expense Breakdown:Debt service: $800 (P/I/T/I)Management: $400Repairs: $400Capex savings: $400Gas: $150Electric: $150Water: $150Internet/Cable: $150Vacancy: $750 (planning on 1-2 rooms empty a month)Total monthly expense:TOTAL: $3,350Cash flow:TOTAL: $8,500QUESTIONS:1) Do these numbers seem conservative?

FWIW:  The reason I'm interested in this unit is because I already own an identical unit in the same building. 

Family Member is defined as follows, regardless of actual or perceived sexual orientation, gender identity, or legal marital status:  child, parent, or grandparent; o a child is defined as a son, stepson, daughter, or stepdaughter; o a parent or grandparent includes a step-parent/grandparent or foster parent/grandparent;  spouse or domestic partner;  legally adopted son or daughter, including a child who is placed with the Borrower by an authorized agency for legal adoption;  foster child;  brother, stepbrother;  sister, stepsister;  uncle;  aunt; or son-in-law, daughter-in-law, father-in-law, mother-in-law, brother-inlaw, or sister-in-law of the Borrower.Or these other exceptions:(3) Exceptions to the Maximum LTV The 85 percent maximum LTV restriction does not apply for Identity-of-Interest transactions under the following circumstances. 

The house looks and like a duplex, has two identical sides (2 br / 1 ba ea).

Normally my wife does the cleaning but when we are in a bind and need extra help we hire her daughter.  8 of our places are apartments, the floor plan is identical.