I've seen it done on a napkin before until we actually get some terms and numbers that work and then we write it up more formally.

Just a back of the napkin way to determine if you should investigate further.  2% deals are out there too.  

@Matt Pursley I’m not going to get out the cocktail napkin but if actual fixed up market rents are around 700 I’d say you aren’t going to like this deal. 800 another story.Have u factored in a tax reassessment?

The first purchase is just a first step and can be a great learning experience for owning and servicing a property.Again, talk to a lender about the money, but rough back of the napkin numbers say that $15,000 is 3.5% of a $428,000 home or multi-unit.

But something doesn't seem right about it, just back of the napkin. 

This makes it a good sanitary surface,Floor tile has been getting a lot harder and thicker in recent years to allow floor installers to take more shortcuts when installing it.

I remember we figured out that first deal on a napkin - no computer spreadsheets back then.

Not every lender offers this, but it might be a way to have your cake and eat it too.Just doing back-of-the-napkin math - if your loan is a 30yr, 200K at 4.375%, then your P&I is around 999. 

@Jason Runkel I think a back of the napkin approach will work best when first presenting to someone you have a relationship with to see if there is interest.

Run the full income/expense out on a napkin, or the BiggerPockets calculator, and ensure it will cash flow for you!