Gross rent with 95% vacancy = 171,420Therefore, scheduled gross rent = 180442We can round it to 180K.Expenses = 90KNOI = 90KBased on what I have read, the 50% rule already takes into account capex, vacancy and other stuff, except for specific problems that might come up during the inspection.If you have a 30 year mortgage for $655,000 (745K minus your 90K down payment), your monthly payment works out to $4692.

Good rental areas would be in Texas, outside Austin (Round Rock,Pflugerville), San Antonio, and some areas around Dallas and Houston.

I can't speak for your area, but I've been on the board of the Oklahoma City REIA for about 6 years or more...the meetings consist of a mix between Outside Speakers, Round Tables (various topics with local experts), Lender Fairs, Panel Discussions, and the like.

You may want to start with just removing the interior trim to see if you can get away without removing the exterior trim.

So might get away with it or you might not...

You need a parking pad on the side for the tow car but can get away with a much more narrow and short lot.

Think of it more as a way to meet with colleagues & get away from the grind, etc...

Some of this MFS construction is built on the hope that NBC-Universal will be able to build their big Post-production facility here in Universal Studios area (Which is a walking distance from my house) They expect to hire 13,000 people when construction is done.In my investment are (Round Rock, TX and Birmingham, AL) I own SFRs and so far so good.

JV deals are the ticket and the secret!

The numbers are as follows:Cost = 120,000Debt = 90,000Down = 30,000Gross Scheduled Income = 26,400Expense (50% rule) = 13,200NOI = 13,200Debt Service = $7,200 (rounding it a bit)New Cash Flow = $6,000On your 30,000 investment, that's a cash-on-cash return of 20%, which is very decent.In addition, you also have principal reduction in the first year of about $880, which gives you a first year total return of more than 22%, which is also very good.Assuming this property is in a location where long term rents can be expected to increase over time, your IRR of this investment will be higher than the first year return.Please note that all the replies, including mine, are based on some assumptions.