This means that the income from the property can pay its expenses and generate a pre-tax profit.DSCR formula: Add up the expenses tied to the property (monthly taxes, monthly insurance, monthly homeowners association dues if applies, monthly principal & interest payment.

Can't use bonus depreciation but could use accelerated depreciation and get most (not all) of my rental income tax free.

1) Who's paying real estate taxes?

Something to consult a CPA about is the tax write offs.

I use the rental calculator all the time to analyze deals as well as some of the other features and then write off the costs as education at tax time.

That's how the tax man see it.

A lot of these markets are also landlord friendly and offer lower taxes as well. 

Is your DSCR ratio greater than 1-meaning are you cash flowing (according to the lender's criteria of mortgage, property taxes and insurance (and HOA) if applicable).

Property Tax GIS system. 

In theory my only costs would be purchase of the lot + associated fees, taxes, and engineering services (which I could do a portion of on my own time).