Walking distance to shops, restaurants, bars, beach and tennis & basketball courts.

My "real job" is incredibly intense and long hours so I need to be as hands off as possible and have a property management company dealing with all the day to day details.  

It is LABOR INTENSIVE. 

If you really wanted to calculate the benefit you would use a discount rate as well.Plus there is the terminal value amounts which will contain recapture amount breakout.Then you have to account for possible other passive activities, active participation, AGI, etc.Plus the marginal rate may be a blended rate with adjustments as some states required bonus adjustments.Plus if you are an LP you are passive by default so you need to go through some layers of basis before it gets to your 1040.I mean any number provided has a long way to go.This is an example of how intense some depreciation optimization calculations can be.

After several months' intensive self-education and a few failed attempts in SoCal, I started my first real estate tour last week in the hope to buy some good rental properties in Indiana.  

Cant tell you how many houses I bought at the court house  that when I went to knock on the door to let them know we bought their and what are their intensions. 

Asset partitioning and legal structures are pretty intense.

Hi Ned,Yes definitely there a intense markets too.

I have played basketball out at Cross Creek Ranch a couple of times.

@James DeRoest not so fast... the partners probably know that the area is going to be management intensive there is a reason these properties sell for these kind of rent to price ratios..