Of course, this is high level but I wanted to give you a high level overview of what the cap rate is compared to the return on investment.

Without knowing your market specifically and just using your high overview numbers of 40k purchase price and a rental rate of 975 I would definitely look into this further.

Now that Craigslist has a map feature in the housing section you can get a quick overview there of what other places are renting for that are close to your property.

I shared a brief overview of my finances, including that I had $40,000 cash, and they came back the next day and said they would sell it for the $40k cash!

Here's a fairly concise overview of my properties: 68th St: 3 bed/1.5 bath; Current Zestimate is $154K (purchased for $122K); mortgage balance is $70K; net $367/month cash flow; 12-month lease tenant will expire 4/1/2018Tanglewood Dr: 5 bed/3.5 bath; Current Zestimate is $411K (purchased for $292K); mortgage balance is $220K; net $540/month cash flow; 6-month lease tenant will expire 11/30/201653rd St: 2 bed/1 bath; Current Zestimate: $86K (purchased for $75K); mortgage balance is $54K; net $406; 12 month lease tenant will expire 1/1/2018Total net is ~$1,300/month The 53rd St house I purchased about a year and a half ago.  

Josh Thompson read this blogpost by Brandon Hall (he was on today’s podcast): https://www.biggerpockets.com/renewsblog/2015/05/10/invest-out-of-state-how-to-analyze-a-city/You can look up a city’s Comprehensive Annual Financial Report (CAFR) just by googling it.

What would be an overview of the steps?

I am giving you a very vague overview here but multiple key points. 

The podcasts are more specific in topic than books and when you first start out you want more of a broad overview so you can decide what you want to look more into.

Knowledge is power, so why not put myself in a position to leverage strictly based off comprehension in the field.