Rules of thumb are about as useful as rulers - as long as your thumb.

Basically, just take a ruler and make a square around the offending hole making sure it stays inside the borders of the newly drawn square, then, cut a new scrap piece of drywall approximately 1" larger on all sides, then, with the paper side down, slice off the same 1" of the gypsum material ONLY thereby leaving the backing paper.

Don't consider 2% a "rule", really.

When designing kitchen layouts I usually break out the ruler and grid paper...but that's probably not going to work to put on marketing material!

Based strictly on the numbers and some of the common rules it seems like a bad deal (50% rule).Rent: $1250Management: $125Maintenance and vacancy I factored at $125 (5% for each; built in 2005 low maintenance and very low vacancy for the neighborhood)That leaves $1000 to cover the mortgage payment and insurance.

I haven't talked to a building company since I am just currently browsing potential properties and analyzing them to get some more experience doing the calculations.But I can't really analyse any deals without knowing how much the refurbishment costs are going to be.I would like to know, what should be on the snagging list to make this into a proper kitchen and also what the approximate costs would be do to all of that.Property details:2 Bed / 1 BathroomCurrent offer: 110.000 PoundsARV: 166.300 PoundsEstimated repair costs: 20.000 Pounds (not sure if this is accurate AT ALL)Offer I am putting out: 96.410 Pounds (based on the 70% rule)Rent: 1000 Pounds per calender month (2 tenants sharing the house, 500 each)The property is located in an area with 3 universities and a hospital, so I figured there would be a good chance for letting this house out with 2 tenants (correct me if I am wrong).Here are the calculations that I have learned on my 3 day property investing seminar (UK based) and have implemented in my calculation spread sheet below.Please comment on the calculations if you see something missing or find odd.

The foundation falls down because he used the metric side of the ruler on half the walls and the English side on the other half.

I assume you're talking about a long term rental...There's a thouand ways to finance them, but as a general rule rates on non owner occupied property is slightly higher than owner occupied.

Generally i read the 1% rule, renting out something for more than 1% purchase price. 6+% cap rate is good etc. 

It'll be similar in concept to the 50% rule that we like on bigger pockets.50% rule: rent * 50% - mortgage payment.What lenders do: rent * 75% - PITIA.If that calculation yields a positive number, we've got some amount of qualifying income.If it yields a negative number, we've got a monthly debt obligation.Note that this is in lieu of "PITIA as monthly debt obligation, period."