I know the site has the calculators for us to use, but I want to learn the how and why behind the various categories so that I have the knowledge of what to look for myself. 

Then you can use the rental calculator and crunch the numbers to see whether or not this is a good deal for you.

However, for the taxable account, what would be my options to limit my tax basis (as well, how would I be able to calculate what my capital gains would be - is there a simple way to do so?)?

I will give 40218 a look, I glanced at a few condos over there but wasn't sure if the demographics of the area had changed enough to support the rents I calculated that I would need.

Probably your best bet for cash flow here as a few clients of mine own them and do ok, but its a challenge dealing with that type of tenant and might not be the best first investment property idea..  

I have always found it useful to calculate this before I start down the selling path.  

But as long as you have done your due diligence and have analyzed your calculations multiple times, then you should be fine.

View report*This link comes directly from our calculators, based on information input by the member who posted.Hi all,I am a newbie investor and would like to get some feedback if I am on the right track here for this property.

@Erik S. i wasnt paying proeprty taxes for 189k. new number is 154k all in and short version of my calculation for max investment is: 27,600 (income) - 2,500 (insurance) - 2,000 (garbage/sewer) - 3,500 (property taxes) - 4,200 (15% for PM vacancy,maintenance) = 15,400. 15,400÷10% = 154,000

Getting either a real estate broker to comp your house, or better yet, an appraiser to appraise your house are your, two best bets for closer, still not 100% accurate numbers.