You will need to find out what the comps are, estimate rehab cost, holding costs, profit margin, and then subtract the back taxes due to establish your offering price.  

For a rough estimate take 50% of your gross rent and that should cover all of your expenses other than utilities and then subtract utilities out of what's left and you'll see where you'll stand roughly over a long period of time.

I can't speak to what cap rate is correct, but the management fee seems like a reasonable subtraction from your claimed NOI.

Garrett GoldsmithArcana Insurance Services, LP14755 Preston RoadSuite 430Dallas, TX 75254I like the fact that they have a blanket policy and you can add or subtract very easily as you bring on more properties of sell them off.

Subtract that from 100 and we'll have an occupancy rate.Gets Property Rented at Market Value: Who do we use to determine market value?

If there are retail sales, you can discount those by the work you would need to do to fix up the one you're considering.If an investor looked it as a flip, they would take 70% of the fixed up, retail value (aka the ARV or after repaired value), and would subtract off the cost of the repairs.

You have your top line gross income.Now subtract your costs. 

Subtract expenses from income to determine profit.  

When I subtract the mortgage, taxes and homeowner's insurance, Im left with 1100 to 1200 a month.

Here’s something to remember on what is covered, whatever is between the cover pages of the policy. 100% of policies issued today have endorsements adding or subtracting coverage from the ISO standard (if they are not already on their own non-ISO form).