I've got the following numbers as a rough estimate on income/expenses (these will be adjusted with more accurate numbers soon):rental income: 2800Vac rate: 10% (just a guess)Taxes: 1150 (from assessor's page adjusted to purchase price)Insurance: 1275 (adjusted based on my current home premium with new coverage limit)prop mgmt: 10%Maint/Repairs: 1200CapEx: 366 (based on assumption everything in property is at half of its useful life)My spreadsheet is telling me I have:cash flow: 688/monthcap rate: 10.68%CoC ROI: 83.45%Total ROI: 163.27%Does this seem like a decent rough estimate of what to expect with this property?

This medium does not lend itself to "ASCII art", or I'd try to "draw" it for you in this editor.You are, however, making the incorrect assumption that the S-Corp is under her direct ownership.

See my below assumptions for calculations.

It does have a lot of assumptions built in that would need to be investigated though.

The Mortgage Professor has a lot of good calculators to toy with for your exact scenario and assumptions.  

Account Closed, I understand your assumption that all attorneys are evil bloodsuckers, that is a common perception.

If I am wrong in my assumption then disregard.Thanks, good luck

That makes the assumption that 50% of rent will be for expenses.  

If those assumptions I made are correct, then you should be able to immediately increase the rents to 500-600/month (for the home + lot rent).

Once you have a specific goal/area/price range in mind, build some models with your partner's expertise on repair costs, ARV, financing assumptions, etc.