If you included Reno and all other costs in purchase price then I see the math working.

The math speaks for itself.

or is it the case of building the credit rating.I am thinking 6% -7% may work in term of maths but higher its going to be tough to refinance at those levelsVincent

Thanks @Tim HermanBut as I said..I did the math and it doesn't seem to be a good deal, so my main question is when would you guys say like "ok..maybe if I change this and that, it can be a good deal" and when do you say "it doesn't worth it"?

Do your homework on a case by case basis.

Do the math on how much RE it takes to benerate $150k a year at todays price levels.

I recognize that this math doesn't work in most areas but it does here in Topeka, KS. 

My math might be off). 

So- how does that math work.

I agree that the math is quite simple, but it’s just another task that has to be done.