You mentioned your rents totaled by room are $2900, but the mortgage & property taxes are $3200.

Buy in great areas that are not total gut jobs (unless you or someone you know well has experience working in construction!)

Are you sure the landlord collected May rent or maybe used one months free rent as an enticement to rent the property?

Purchased, rehabbed, designed, and furnished totally remote!

In 2 years, I have bought 7 houses, 8 doors total- and have now unexpectedly had to replace 2 HVAC units.

I recommend Total Money Makeover by Dave Ramsey and consider taking his class Financial Peace University. 

Excel can easily do all this.You can likely download a free template that already has all the formulas you need.

Feel free to reach out if you have any questions!

I'd prefer free options. 

DetailsPurchase price: 1.1MReturn (IRR):11.86% per yearCapitalization Rate:5.45%Total Profit when Sold: $1.16MHolding period: 20 years5% down (so that I can take maximum leverage)mortgage rate: 6.7% 30-year fixedVacancy: 5%Management Fee: 8% --> I used this only for calculation but as I will be staying there, I plan to self-manage it.Cash flow: negative $1500 --> My primary job pays decently and I can manage this and have 12 months of reserves.