Or into multiple smaller properties.Many of our clients are 1031 exchanging from older properties into new construction to get away from capital expense exposure. 

How are the major potential expenses of the house looking (AC, Roof, Plumbing, Electric)?

The cash flow is solely to cover operating expenses and repairs.

The property is a bit older and back up to a main road so its been a lot of ongoing major expenses over there, plus in a normal market it would be less desirable but the lack of inventory may keep the price relatively elevated this year.  

For STR I only use it to post expenses since Airbnb handles collection and distribution of funds but as I say, that part is cumbersome.

It then tells me my cash flow, monthly expenses.

That number is not realistic.To refinance the property and get cash out it needs to be completed as in everything done and inhabitable, unless you do a short term expensive hard money loan and then refinance later and pay the costs twice. 

I've always calculated NOI as gross income minus operating expenses (not debt or cap ex) period. 

Houston is a little expensive, especially when combined with current rates but there are some BRRRR deals that can work with decent ARVs...just as a quick example, here's a ranked list of properties by BRRRR in Houston - there's a few that potentially make sense but not a huge amount of choice.

Hi all, I am new to Real state investing and Live in the NY/NJ Area. things are super expensive.