Hi @Annie Balagot - I'm a broker, investor, landlord, etc. based in NYC & Westchester. 

Each area has pros and cons based on why you're investing and the life resources you are able to allocate.

NOI is what it is, and is property-based for easy comparison.  

(same process for a 6-unit you want to convert to a 4-plex) You'll need plans drawn and a scope of work showing the finished project, but quite simple The stress test will be based on the 4 units and not the 5-6 units bc the 5-6 units will not exist when the project is completed. 

Currently based in Madrid, Spain, I'm looking to invest in real estate in Miami.

should this be good base line calculation for renting to them .  

At the end of the day I will not let any one owner put my Real Estate Licenses i jeopardy based on not knowing the laws the VRLTA (Virginia Residential landlord Tenant Act),or Fair housing.  

IN TEXAS, suits based on contract, the prevailing party may recover attorney's fees.Relief in a suit - IN TEXAS, specific performance is frowned upon (read, unlikely) if monetary damages will make the prevailing party whole. 

Eg for heat, based on size of the unit, for water based on the number of people living there.

Based on my research so far, Atlanta seems to be one of the places with a favorable gross rental multiplier, good prospect for appreciation, and sales price around the budget I am looking for and hence I chose Atlanta.