It looks like there won't be much need of repair -- I estimate $5000 at most.All the utilities are split out for the 3 units, except for water, which is $200/quarter.If I estimate 10% Vacancy, 10% repairs and maintenance, 5% capital expenditures, and 10% property management fees (I will mange it myself), I get NOI $11,362, cashflow -$212, CoC return of -3%I believe it's in a good location/neighborhood, one that I wouldn't mind living in, and it's close to Newark Airport.I would really appreciate your thoughts.

I lived in one unit and my brother lived in another and I estimated it would take 5 years for rents to catch up with our mortgage. 

I would get help from a realtor on estimating ARV and/or pull comps to get a better idea.

Scott's books and started reading ( I got the one on buying and rehabbing and the one that actually shows you how to estimate rehabbing costs). 

@Chris Cambridge: If the numbers are not making sense to you just buy the practice take the clientele and cash flow. 

Below is the spec on the duplex.Stories:1Year Built:1982 / Appraisal DistrictBuilding Sqft:1,512/ Appraisal DistrictLotsize:6,617 Sqft/ Appraisal DistrictBoth units are currently rented. 1 unit @ 675 and 1 unit @ 650 (tenant has been in this unit for 10 years).Here is my calculation: NOI = gross income minus all expenses = $731 Total Rental Income: 1,325.00 vacancy estimate: (109.98) gross income: 1,215.03 property tax: (145.08) Insurance: (100.00) CapEx and Repair: (132.50) PM Cost: (106.00) total expense: (483.58)Monthly Cash Flow = NOI - Mortgage = $298$1215- $433= $298That's about $150 per unit with a pretty conservative calculation. 

Perhaps someone with experience could give some guidance.Deal facts:I own 2BR/2BA condo in San Diego, CA 92130Bought it in 2003 for $346k at the peak of the marketCurrent estimated value $400k - $420k Current loan balance $300kCurrent P&I payment $1745.53 at APR 5.25% - 30yr fixed (I know that 5.25% is way too high today)Annual tax - 4,450 ($370 mo) HOA - 285 (mo)Current rent - $1900I am about $600+ in the hole per month on this property and the only benefits i realize now are the potential long-term appreciation in value and tax write off in the form of annual depreciation and losses.Looking at several options now:1. 

(I think I could get this down to $4550)Advertising: 250Appliances:  1000Lawn and Grounds:  1800Miscellaneous: 500The other questions about this property that I have concerns about are that there are repairs that need to be done and I estimate the repairs to be in the range of $50000.  

I estimate that the property will be worth $2.28M after minor rehab and lease up.

The workshops cover various subjects from financing, wholesaling,, estimating repairs etc. http://dallasreig.com/ This group meets once a week on Saturday during the lunch hour.