I've always calculated NOI as gross income minus operating expenses (not debt or cap ex) period. 

Houston is a little expensive, especially when combined with current rates but there are some BRRRR deals that can work with decent ARVs...just as a quick example, here's a ranked list of properties by BRRRR in Houston - there's a few that potentially make sense but not a huge amount of choice.

That number is not realistic.To refinance the property and get cash out it needs to be completed as in everything done and inhabitable, unless you do a short term expensive hard money loan and then refinance later and pay the costs twice. 

Hi all, I am new to Real state investing and Live in the NY/NJ Area. things are super expensive.

I only have 12 sets of appliances but I probably replaced 2 per year  so I’m getting about 6 years on average  if you’re really having problems check a nationwide appliance shop like RC Wiley  you can get a 6 year warranty for a couple hundred dollars.  

I would be curious to see what a more expensive and more permanent home does for the ability to lease that land back to occupants.Would you be building the tiny homes and selling them or keeping them as a rental?

Had the investors used an agent who understood the ins and outs of medium term rentals, they would have avoided a very expensive lesson.When placed in great neighborhoods, medium term rentals are excellent investments.

I'm curious about the high cable expense and $2,400 in utilities. 

Some work that comes to my mind is:1) Managing tenants to get rent paid2) Diagnosing a repair issue and getting the right team to make the fix3) Fielding messages from prospective tenants on advertised rentals4) This list goes on...I've found a company that automates rent collection and income/expense tracking for free, but I'd like to replace my property management portal altogether and feel I'm only half way there (certainly a tenant facing chat bot would close the gap).

But what are the expenses?