I kept borrowing from my portfolio, hoping that my bet would improve.

I found that the data from the source was so-so, and going through improving it was worth the effort, at least based on the amount of correction it required.

The calculation is the same as if you paid cash....selling price (less actual selling costs) minus purchase price (deducting some initial closing costs and non expenses capital improvements).

I think you are doing a great job @Sean EzeamamaI lowered the price to $1200 and days later locked down my second tenant. 2/3 units are rented, I'm about breakeven with one additional unit to rent.Thanks so much for the kind words, will keep striving to learn and improve. 

I dont know if RI requires Home Improvement Contractors to be licensed.  

There is much more $$$ in home improvement .

The rent increases in your market will result in the cash flow situation quickly improving.  

Capital improvements that add value to the property are deductible over the life of the property.

However, I believe there are things we could do better by improving our systems. 

Very simply, your cost basis is $475k (yeah, you'd adjust for closing costs, valid home improvements, etc, but that's probably peanuts unless you did this as a rehab).