Scott's books and started reading ( I got the one on buying and rehabbing and the one that actually shows you how to estimate rehabbing costs). 

Below is the spec on the duplex.Stories:1Year Built:1982 / Appraisal DistrictBuilding Sqft:1,512/ Appraisal DistrictLotsize:6,617 Sqft/ Appraisal DistrictBoth units are currently rented. 1 unit @ 675 and 1 unit @ 650 (tenant has been in this unit for 10 years).Here is my calculation: NOI = gross income minus all expenses = $731 Total Rental Income: 1,325.00 vacancy estimate: (109.98) gross income: 1,215.03 property tax: (145.08) Insurance: (100.00) CapEx and Repair: (132.50) PM Cost: (106.00) total expense: (483.58)Monthly Cash Flow = NOI - Mortgage = $298$1215- $433= $298That's about $150 per unit with a pretty conservative calculation. 

Perhaps someone with experience could give some guidance.Deal facts:I own 2BR/2BA condo in San Diego, CA 92130Bought it in 2003 for $346k at the peak of the marketCurrent estimated value $400k - $420k Current loan balance $300kCurrent P&I payment $1745.53 at APR 5.25% - 30yr fixed (I know that 5.25% is way too high today)Annual tax - 4,450 ($370 mo) HOA - 285 (mo)Current rent - $1900I am about $600+ in the hole per month on this property and the only benefits i realize now are the potential long-term appreciation in value and tax write off in the form of annual depreciation and losses.Looking at several options now:1. 

(I think I could get this down to $4550)Advertising: 250Appliances:  1000Lawn and Grounds:  1800Miscellaneous: 500The other questions about this property that I have concerns about are that there are repairs that need to be done and I estimate the repairs to be in the range of $50000.  

I estimate that the property will be worth $2.28M after minor rehab and lease up.

The workshops cover various subjects from financing, wholesaling,, estimating repairs etc. http://dallasreig.com/ This group meets once a week on Saturday during the lunch hour.

I typed '@far' to get your name popped up.Oh just to add a little bit of my .2 to what we are talking about here...the 50% rule indicates that the 50% of your total monthly rent should cover your total estimated monthly expenses.

Is there a good place to look at what homes are renting for and get a better estimate?

I have been presented with the following real estate possibility and I am open to suggestions, opinions and/or advise.Home #1- SFH is Brick 3bd/ 1 bth- 1100 sqft-2 Car Garage/ No need for Rehab-Currently Rented at $735 a month with long term tenants paying all utilities-Estimated Market Value $50KAnnual Taxes $500.00Home #2-SFH is Frame 3bd/1 bth- 1000 sqft-No Garage/ No need for Rehab-Currently Rented at $600 a month with long term tenants paying all utilities-Estimated Market Value $30KAnnual Taxes $778.00 Both homes are being offered as a package deal for 45K Cash.

I did low rental estimates.