I asked the guy if I can take a picture of it and he said yes and insisted that I sit in it, and when I did he told me start his car, when I tried to it didn’t start, the battery was dead, he asked me to give him a jump start and I did, after that he took my phone number and about a week later he calls me and offers to buy me a beer.

That would improve the my cashflow, using the 75% rule, to $6,225.

The cashflow looks nice, of course, and the 10 year option gives lots of time to really improve the property and boost rents, etc.

The city collects greater tax dollars from my property thanks to the improvements, which benefits everyone in the city. 

I was able to write the mayor and council members and attend a meeting to show how I was committed to improving the town and why they should release it to me.

I paid $250K plus 30K capital improvement so 280K tax basis.

Please let me know if you have any suggestions on how to improve the tool. 

Take a good look at factors like vacancy rates, operating expenses, debt service and any pre-rental improvements and repairs.

Hey Will,As a PM in the area:-have a lawyer look over your lease-make sure EVERYTHING is in your lease (who replaces air filters, who replaces smoke detectors batteries, who cuts grass)-be thorough with background inspections-make sure tenant is aware (and is in lease) on when fines occur for late rent and how much they areThose are things that first come to mind.In can be expensive and time consuming to set it all up the first time and do it in a way that protects yourself and your investment.Let me know if I can help in any way!

For example, if you’ve budgeted $750,000 for capital expenditures, which might include renovating units, improving landscaping and new paint, etc., you can reallocate some of that money and use it for your escrow requirement.