If you paid 100K for the property and expended 25K in initial capital improvements, then use 125K as your cost.Going forward, you would put together your operating forecast/budget to include all the typical expenses: utilities, property tax, groundskeeping, admin, marketing, etc along with your allowances for vacancy (8-10%), maintenance (10%), and property management (7-10%).

The build rate of Senior/single story 'patio housing' here is exponential given the weather, taxes & build/operating costs.

Where are you operating as an agent?

@Don Konipol flippers in Houston that are operating under this assumption are not going to be around for long.  

What it states is that property management, vacancy, and operating and expenses over time will equal 50% of your gross expected rental income.

Until then you don't technically have an operating business.... just an expense.

Hello GroupI am considering taking my wholesaling operation about 45mins South of where I live to another city.

If the exemption is 100% you'll notice several lines (School Operating etc.) that list a millage but have $0 for the taxes.

I am figuring 58K 'All In' The current rent is $700, but I feel it could easily be $850 or so, but I am basing my figures on $800.The house has had new roof, windows, siding, water heater, and flooring in the last few years.My rough figure are;8800 Operating Income$3800 Expenses (only about 40% since all the recent upgrades)$5000 NOI - $4000 Debt Service= $1000 Cash FlowNot quite $100 'per door', but I would also be building equity at about $100 a month, along with likely appreciation of $100 - $150 month.

@Michael B.thanks for that idea, I have the kick plate removed, and we are running the dishwasher right after dinner, rather than scheduling it for around 2 am, and so far its working through this latest polar vortex.The kick plate had a lot of foam on it, I guess its mainly for sound insulation, but I suppose it was keeping the heat out from under the dishwasher, and the cold air from the outside wall was enough to stop the pump from operating?