Below are some more details with the rough numbers:12 (1 bed/1 bath unitsValue of Land:  ~$150KCost to Build:  ~$500KRent is expected to be $700-$750/unit ($8400-9000 month)Vacancy, management, expenses, CAPEX, etc:  ~$4100/monthNOI:  $4,300 to $4,900Monthly Note ($350K, 20 yr AM, 5%):  $2,309Monthly Profit:  ~ $2,000 to ~2,600Annual Profit:  ~$24K to ~31KValue of property (low end estimate on an 8% CAP:  $645K to $735K)Average CAP rate for new builds in local area is ~6% CAP. 

Of course, the main ingredient is not requiring a down payment, without a doubt the feature with the most impact.

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The search feature isn't the best (or maybe I'm just not good at it).

It will do what you want on a house by house basis and has some very nice features.

Haley 3 buildings, 14 units  Units # Rent 3 BR 2 BR 14 $550 1 BR Total 14 $7,700 Gross Purchase Price $575,000 Total Budgeted Programmatic Capex $30,000 Closing Fees 5.0% Closing Cost $28,750 Net Purchase Price $575,000 Resale Value $650,000 Exit Cap Rate 9.0% Hold Period (Years) 5 Revenue Monthly Annual Gross Annual Rental Income $7,700 $92,400 Other Income (Parking, Pets, etc

To answer your question and explain the payment: yes, it's a 7/1 ARM (the rate is fixed for the first 7 yrs, then can adjust annually (but ther is a max "cap rate" where the rate cannot go above.

As a result of my growth I got started with quickbooks as I wanted to track everything correctly and use their invoicing feature to bill my tenants and receive rent electronically.

At least as it relates to buying SFR's as cash flow vehicles.. you may want to think about small Multi because those will generally always sell for a cap rate if rents increase your value goes up... but you will hold value better in the mid west markets Brie may want to speak to that I think that is what she buys in small multi's  cash flow is better generally and values hold and sell at cash flow numbers. 

I believe that you would add that expense to management, ultimately lowering your NOI, then adjust purchase price based on Cap Rate you wish to obtain (or have already negotiated).