There are many variables.

@Thomas O'DonnellJust can’t beat the balance of Price/ROI/Location of METRO Detroit.The snow just isn’t a huge variable.

This is a line of credit with a variable rate usually against your home value. 

Rates today are still quite low historically and if your plans change as @Kushaal Malde pointed out you have the safety of holding the property with a known expense vs a variable rate. 

The problem with a HELOC and your DTI is that some lenders will use a worst case scenario as your estimated payment with a variable rate.

When doing my calculations It seemed the largest Expenses where Mortgage, Variable Expenses (Cap Ex at 7%, Repairs and Main. at 7%,  Vacancy at 5%, Management at 10%, and have other at $100.) and then Taxes in that order. 

When this guy tells you that $945,000 for $45,360 is an 8% cap (the actual answer is a 4.8% cap) then he is not telling you the value based on actual real property income, but only what you would get if you add in personal property income WHICH YOU CAN'T.So the bottom line is that no, this deal does not work at that price as far as I can tell,And that was not even mentioning the market and 101 other variables that make a deal work or not.

I am using the BP rental property calculator and input purchase price, loan details, but then when it comes to rental income here are the variables. 

I know there are other variables when it comes to pre-approval but I’m only thinking in terms of my salary with this question. 

All-in-all, we are looking to get a house in a safe enough area for my wife to live in by herself (as I will be going away soon for military purposes), that needs no major renovations, and that can cashflow, at the very least, $200 after PITI and variable expenses (i.e. vacancy rates, capex, repairs and maintenance, and management fees).