I'm a very new investor and am wondering if I could get some help analyzing a potential property - I've been using an excel spreadsheet I found here on BP, but being new, I'm certain I'm missing something.The property is a 2nd floor 3/1 condo, ~1200 sq ft.Asking price $165,000Assuming a 30yr loan at 5%, with a $45,000 down payment - total mortgaged amount $120,000Assumed monthly mortgage payment: $591Assessed monthly rent: $1450 (based on Craigslist comps, pad mapper, and HUD fair rental value sites)Essentially turn-key, no immediate rehab necessary.Annual rent: $17,400Vacancy (5%): -$870Taxes: $1200Insurance: $500Prop Mgmt: $1800Maint: $1000Utilities: $2400Advertising: $500Misc: $500I get a total operating expenses of: $9100NOI: $7430Annual mortgage payments: $7086Annual cash flow: $344CAP: 5%Looks like I'm not getting to the 1% rule, sitting at about .87% with the rent.Monthly, with rent of $1450, minus mortgage, HOA, utilities, prop mgmt, etc, I seem to be coming up with monthly cash flow of $200, but the other annual costs are what's bringing the annual cash flow down.Based on the monthly analysis, it's not great, but not horrible, but based on the annual numbers it doesn't really seem worth it.What am I missing?

I would be more prone to take the approach of Austin and calculate individual major expenses and do a comfort pad to round up for all the little stuff. 

Mail to the registered agent not the LLC.3) Whatever list you get, crunch it by your criteria (area, build year, whatever you want) and save this new list.4) Go to Walmart and buy a 3-pack of legal pads (white or yellow) for $2.50, odd color pens (blue, green, red) $5, and business envelopes $10 for 250. 

I always give tenants a big pack of felt pads to go under chairs.  

Representative John Boehner of Ohio, the House’s top- ranking Republican, said his party will be proven right in predictions that the stimulus legislation grew government and padded the federal deficit without creating jobs."

Their service includes replacing the swamp cooler pad, getting it ready for summer/winter (hooking/disconnecting a hose), replacing CO/smoke detector batteries, and replacing the forced air filter.

As stated here, asbestos siding is not a problem as its sole existence on the side of a house is not a danger to anyone, just as asbestos brake pads on a car in a driveway is not a health threat. 

Or work a little harder and actually increase your growth, as well as additional padding for yourself against a downturn.

As for the new investment I was thinking to brake it down like this: lets say we are buying a property for 1 million.

It works as a publisher sending the ad to many different sites including Zillow, Trulia, Hot Pads, Craigslist and others.