FHA is good due to the low down payment but the up front MI is very expensive.... in addition, you have to add .8 to your rate which is going to be your monthly MI so it will eat into your monthly profits; you cannot drop the MI, you would have to refinance to get rid of it. make sure you properly calculate the payment with all escrows and re-run you numbers...

It is now just about the numbers .If the calculations make since and you will come out with a profit , then go for it . 2.

There are calculators out there to help do that.There's no point in second-guessing your purchase -- it is now a learning experience!

I agree with @Dennis W... use the BP calculator and see how it looks for the long term. $500 a month sounds wonderful, but is it really going to end up being 500 for three months then spend 4k on a repair and come out making 2k at the end of the year assuming no other repairs.  

In fact, it could even be detrimental because it can lead to being a cocky lone wolf who doesn’t need to seek out more experienced financial partners for their more seasoned opinions and calculations.  

Can anyone tell me how to estimate with the Rental calculator projected capital expenses for a rental property based on percentage? 

Only rational can calculate from your numbers is a GRM which comes out to about 6.94 I would need more info but the amount they’re asking, and the rents provided sound like slim margins.

My parents converted the house into a single family (living downstairs, bedrooms upstairs).The house currently has 2 zones of heat, floor 1 = zone 1, floor 2 = zone 2.If my calculations are right...

Go to title company calculate the closing cost and property taxes. 

@Andrew Assman good luck on your hunt, I have looked at every  MLS Multi Family deal that has come on the market and the numbers just haven't worked based on any of the rules and just manually calculating via my own spreadsheets etc to get a return.