What do investors in Bridgeport target for first year gross rent multiple (GRM)? 

Two criteria: 1) Replacement property has to equal or exceed gross sales proceeds...in your case $500k.                     2) All cash proceeds from the sale have to be reinvested in the replacement property, regardless of      gain/profit.

$/sqft; x% gross monthly rent return; neighborhood grading, etc.But if you change your own rules when those criteria are met, expect to be black listed!

Purchase price $350,000Equity In $12,250$337,750 @3.25% 30yr Gross Income $40,800 Operating Expenses $11,750 If I put $40k into the building my numbers are Equity In $52,250Gross Income $49,200Operating Expenses $11,750I also figure a 10% vacancy loss and 2.5% replacement reserves into my numbers. 

Also, is it realistic for me to think I can do $150k - $350k in gross profit a year if I don't touch/spend my initial investment and profit? 

FWIW, my repairs + CapEx are about 16% of gross rents ... and that's on rents about triple these ones.  

Gross rent divided by the value equals the percentage. $65k purchase price is 2% rule, $130k is 1% rule (based on 1300 rent).

I did not take into account prior landlord experience and we don't count the equity they have.What I do though is figure out how much income would be required with the following assumptions:We use 75% of gross rent from each propertyWe subtract the full mortgage principle and interest payment for each propertyWe subtract the full monthly HOA for each propertyWe subtract the monthly utilities they are paying on each rental property (often this is zero since tenant pays in most cases)We subtract monthly property taxes for each propertyWe subtract monthly insurance for each propertyThen, we divide by .45 for debt to income to find out how much income they'd either need to offset and "carry" this negative cash flowing rental or how much income this property contributes and therefore how much less income they need to earn.Does that seem right to you?

When considering rental property, as a rule of thumb, I always deduct 40 percent from the potential gross rental income - 20 percent for maintenance and repairs and 20 percent for vacancies.

The 50% rule, OTOH, which says expenses, vacancy and capital are about 50% of your gross scheduled rents, seems to be pretty accurate everywhere.