The location (schools, restaurants, crime, etc) is decent but nothing too promising in terms of appreciation (3% annual average) Here are the details: Purchase price: $170,000Rental Estimate per month: $1500-$1550HOA: $1000/yrInsurance: $1100/yrTax rate: ~3.4%I assumed the following:I use a 20% downpayment on a 30 year fixed conventional loan w/ 4% APRNew build so warranty is covering most things so minor, if any, maintenance will be neededTake into account 1 month of vacancy per yearTake into account annual broker fee to list of one months rent~5K closing costs~2k in appliance purchasesResult: Assuming rent range of $1500-$1550/month and assuming 1 year I wont have to pay the broker fee to list:From my cash flow analysis I am projecting to have positive cash flow of around .02%-2.1% per year.

In Chicago some of us are charging a move-in fee rather than charge a security deposit.  

@Michaelmy apologies some times it takes me a little bit to answereasiest way to explain formula for youArv is After Repair Value meaning after full renovation or repairs this is what the house will sell for 30-60 days max based on comparable sales (aka comps)I prefer lower 60% of the ARV, because I prefer to flip to a retailer, by wholesaling, and earning a small fee for finding the deal and securing the property via purchase agreement option or a few other various formsmost of my ppl buy at 65% or 70% so due to my preferred method of wholesaling, I must buy at prices below these "strike prices" or buy prices...just so you know I am a contractor, so my repair costs are known when I look at property.

If you cannot convert it into really useable space, what if you split it in half and put coin op washer/dryers on one side for your tenants use, and on the other side, put storage areas that tenants can rent for an additional fee.

The term sheet they offer is:-75% LTV -30 year fixed, rate at 6.88% with $689 to buy down- 1% of loan amount- Processing fee: $795-Attorney closing fee: $500-Title review fee: $500-appraisal fee: $660-$750 closing with LLCand other regular closing cost. 

Michael Kantar Brokering is done for a commission or fee.

With hoa, managment fees im looking at 1500-1600 expenses.

Usually you will lose around 7% in sale with commissions, title fees, etc. (~15k) Additionally, sounds like you are living in it.

The flat fee should be his insurance against you "wasting" his time, and if anything it should be refunded at closing, not charged.

Saying, x is my fee for y, take it or leave it (even though the client needs less than y) is not the best approach in my view.