I'd double check on the property taxes as well.In addition to the mortgage (and taxes), you have insurance, utilities (water if often tied to the home, so if the tenant doesn't pay, you are on the hook), garbage. 

Insurance: $1200/YearUpkeep:$1000/YearSnow Removal/Garbage/Misc: $1000/YearMortgage Expense: 30 year @3.75% ~$1800/monthTotal Income: $48,000Total Expense: $10,200 (Property Tax, Insurance, Snow Removal Etc) + $21,600 (Mortgage)Net Income: $16,200This is my first property that I am seriously looking at.

(mainly advertising to section 8)Section 8 paperwork is straight forward but there can be a lot of it.Section 8 tenants consume more utilities and generate more garbage than non section 8 tenants.

Nearly every STR in The Smokies will be furnished, but you’ll likely haul our dozens of garbage bags of grandma decor. 

@Austin Shireman your managing broker sounds like garbage. 

Look at us, we have a population that is in poor health with every 2nd person presently or soon diabetic, wide spread poverty, a level of crime and gun violence like no other country on earth, we managed to make education FOR-profit leading to massive student debt and universities being richer than small countries, if you travel a bit you can see that our infrastructure is worse than some of the ******** countries we look down on, our health care system is F'd up beyond believe, our food is one of the unhealthiest in the world, we are consuming ressources at a level that nobody can match, we are addicted to buying cheap crap nobody needs, have a dispose everything mentality, meanwhile our population is less happy than most of our peer countries.We just got back from visiting my family in Europe and after we landed at OHare and sat in a dirty, beat up shutte bus getting us to the parking lot over a cracked concrete road, garbage on the side of the road, power lines hanging everywhere, my US born wife shook her head said: I can't believe how run down and ****** everything is here..The US is a fantastic country and I have chosen to live here for a good reason, but we really need to get our head of our you know what and start thinking about where we want to be a few decades. 

FtIncome Rent/ Room - $846/month ( Rentometer average) Rental Income - $3,384/month (Rent 4/5 bedrooms) Total monthly income: $3,384/month Expenses (monthly)Property Taxes - $170 (Smart asset) Insurance - (Mortgage + Homeowners) - $151 + $67 = $218 Utilities Electric - $200Water - $50 Sewer - $50 Garbage - $20 Gas - $225 HOA - 0 Lawn Care - $25 Vacancy - $254 - (6% rental income) Repairs - $100 CapEx - $100Property Management - $423 (10% rent) Mortgage - $1,432 ( Principal + Interest) of [$319,000 at 3.5% and 30 year fixed]Total Monthly Expenses: $3,267/monthCashflow Income - $3,384Expenses - $3,267Total Monthly Cashflow: $117Cash on Cash ROI Down Payment - $11,165 (3.5% FHA) Closing Costs - $3,190 (1% for escrow + title company) Repairs - $7,000Total Investment: $21,355Annual CoC ROI$117/ $21,355 = 0.548%

Wrong.Since that information is buried under 10 tons of garbage that is known as the 'home inspection', many inexperienced buyers will gloss over it.  

The forums are clogged with a bunch of garbage because too many people just want a quick pat on the back.

I was thinking about that last night while grumbling about how difficult it is to find an off market deal, priced accurately, and how many garbage deals one has to wade through to find anything decent.