Expenses, insurance ect....once you have these numbers, you can estimate cap rate and NOI.  

I'm not sure how much you're financing, what property taxes are, insurance, etc.

you'll probably be better off to take the money that the insurance company offers you and then just selling the house/Raw land.

I'd recommend getting the proper E/O insurance (both for yourself and the Broker), as well as a good amount of General Liability insurance for yourself - but this ends up being peanuts compared to what you would spend if someone wanted to take you to Court over a minor trifle... and had the evidence to prove you weren't licensed to perform the duties of a PM.

HVAC is 5yrs old Plumbing is good unsure of the age.Purchase 88k Loan FHA 3.5% down bed/bath 2/1 each sideSide 1 is currently rented for $440 (below market) by $45 for the sizeSide 2 I will be living in with a roommate and room rent is $330 (median market for a room for the size)Side 2 COMPLETELY RENTED will be $675 (median for market)Owner pays near $180 for water a month and tenants pay the rest of the utilitieswith mortgage, insurance, taxes, fees, monthly payment to own the property is $611.87I am really just trying to cover all of my bases right now. 

Typical market cap rate for stable buildings, Vacancy in that sub market, economic vacancy?

Ie If we got the property, the price is low enough that my wife and I could personally cash flow the building until it was stable, but is that a 12 month time horizon?  

Owner said has long term tenant on one side of 9 years , building has had  great rental history.  600*2=1200 monthly1200*12= 14400 yearly taxes/insurance =2800 yearlyrepairs/maintenance 10%= 1440vacancy 10%=1440 14400-2800-1440-1440=8720 NOI20% down on 99000 @ 4% interest 30 years =19980 mortgage payment roughly 382 a month /382*12= 4584(NOI )8720 - (debt service )4584= 4136 monthly cash flowcash flow 4136 / (money invested) 19980 =20% ROIAm i missing anything here ?

If you want to manage a new business that you have no experience in, sure start it up. either way you better pay market rent to yourself or else you won't realize any gains in your CRE--which is why we are all here in the first place.

It's a really solid/stable area, in a good location, that's just off the Main Street of town.