(Incidentally, dividing purchase price by gross rent - the inverse of what you were doing - is known as Gross Rent Multiplier or GRM and is very similar to looking at per-unit cost - an extremely rough way of comparing properties.)

GRM is Gross Rent Multiplier. 

I give them details about what exactly I am looking for and share a simple formula for my investment threshold  (eg multiply monthly estimated rent by xyz) and suggest that they only bring deals to me when it meets that price criteria.

The program will allow the client time to build your credit rating and save for the down payment.Under the program, the clinet would:1) Look for a home that the client wants.2) Client and I would work together and I buy the home at the price client wants to pay. 3) Client provide at least a 5% deposit that will be used towards the future down payment. 4) Client would also be responsible for other costs that a homeowner would: legal feesappraisalinspectionland transfer taxproperty taxinsuranceall maintenance and repairsutilities5) Sign a lease agreement - to determine base lease cost per month multiply purchase price times 0.0062 - example $150,000 x 0.008 = $1,200/month which does not include utilities, tax and insurance.6) Sign an agreement of purchase and sale dated three years out.

Then you multiply by 90% for the vacancy rate. $226,872 x 0.9 = $204,184.80. 

Not goodNext the 50% rule- Take the entire monthly income multiply by 50%.

I don't think using a multiplier for net rental income is worth anything.

I wasn't prepared for the avalanche of applicants who came raining down on me to rent a 1 bedroom. 

Otherwise, I agree, you'd be looking at more "low growth" communities, both in terms of affordability and decent gross rent multiplier (cash flow), including the communities you've already mentioned.  

A family of 4, Moving from out of town. they filed a chapter 13 in 2012 to keep their house in socal. due to recent job they had to move, will have a contract job for a year at local college. current credit score is 790. my rent is on par with zillow estimate.. income wise, they made the 3x gross multiplier.