Property was rented before first mortgage payment so 0% vacancy.

You can't have a 3 month vacancy followed by two months occupancy marked on the calendar. 

My market has a low vacancy rate.

Some of them being: that they purchased the property very long time ago and don't need a massive amount of income to cash flow, they are fearful of raising rents and having a vacancy, or they just don't wanna deal with it anymore.Either way, this is where the opportunity lies for the new Investor.

Although you could probably find better investments on paper, vacancy & turnover expenses are some of the most costly parts of owning investment property, and very difficult to forecast with perfect accuracy.

Constant touches from us regarding rent, vacancies, tenant complaints, etc.  

This is a tough one since you haven't even accounted for all of the expenses - maintenance, cap ex, vacancy, etc.

With rents cooling off, some landlords are becoming more desperate to fill vacancies and may be more inclined to approve tenants who don’t quite meet all the usual criteria.

From my understanding the 15-18% IRR promoted by syndicators generally does not include these tax benefits either, so it is still a fair comparison.AssumptionsI had to make a few assumptions about the property and mortgage interest rate:Property value = $180,000Rent = $1680Mortgage Interest Rate = 6%I also made assumptions related to other costs such insurance, taxes, property management, maintenance, capital expenses and vacancy.

Are you factoring in regular maintenance, CapEx, turnover costs, or paying the PITI when you have vacancies or a tenant isn't paying?