However I have been doing a lot of reading and learning since and this analysis is based off of that learning so I hope it's accurate.

Your CMA is more accurately 235k, and that puts Danny right on the mark.

Getting it to cash flow and getting an accurate estimate on the work needed is the problem.

We went $100k over budget, however, with this general scope of work, which may give you an idea of what can be involved:Rewired much of it (4 buildings).Replumbed much of it w/ pex.Extensive roof re-sealing, tuckpointing of many chimneys and exterior brick, chimney caps, box gutter relining, etc.Several new furnaces and hot water heaters, repairs to boilers in one building, duct work cleaned out and repaired.Metal wrapping of much of the exposed wood areas on the exterior, as well as door frames.Painted exterior where needed.All new windows and exterior doors.New railing and flooring for unit balconies.All new appliances throughout.Tiled kitchens and baths throughout.Quite a bit of concrete repair work outside.And of course, all the rest of the work on the interior of the units, which were all vacant when acquired.Needless to say, it's been pretty exhausting.These older buildings are difficult to estimate accurately, and this was our first project like this.

The collective wisdom is always amazing - and median ave days to rent should be the best number you can get.A less accurate, but quicker solution, is for you to guess at a best and worse case scenarios for variables mentioned by Steve Babiak and others.

In our market (Baton Rouge) it was scary how accurate they were.

In J Scotts blog he includes closing cost and repair cost when determining Cap Rate, this is confusing me a bit.Cap Rate = NOI / Property PriceJ Scotts Blog Introduction to Real Estate Investment Analysis His example under Cap Rate looks like this:Here is the cap rate for our example property:Cap Rate = NOI / Property Price= $37,169 / $418,000= 8.89%If you look at the blog he breaks down the 418k at the top in the Cost Assumption table: I am trying hard to learn and remember these financial terms but depending on where I read I find discrepancies and it makes me crazy.As we all know the inclusion or exclusion of different factors can change the numbers and make a good deal look bad or bad deal look good.I'm just trying to get this stuff straight so I can create my spreadsheet and know its providing accurate data.

are those rents accurate?

Then there is the election factor – to be sure that everybody is accurately counted we will automatically double the results.So the Census worker that was hired twice is 8 jobs created or saved.I hope that clears it up for you.

If your $2650 PITI number is accurate, you have about $1100 in taxes and insurance.