We found a house that we liked in our price range and put an offer in.

I respect and appreciate that!

On average a home that sells for $70,000 will rent in the $800 range +/-. 

I currently rent my credit ranges from 579 to 601 so I cannot get bank approved for a mortgage.

I also think the value is in the $120k range.  

@Josie Roman We mainly focus on SFR flips in all price ranges with a few multi unit deals once in awhile.

Problem is the expenses, so(GSI - GSI*0.3 ) * 10 is a rational price:the 10 is a Gross Rent Multiplier and arbitrary; but reasonable range is 8-12GSI*0.3 is an assumed expense ratio of 30%; higher will be high maintenance costsso GSI * 70% * GRM of your choice = Purchase Price.If you get a GRM > 15 (I've see as hi as 19) the seller is in trouble and over extended in the debit+profits

The main expense would being the install which could be a couple hundred bucks and monthly ranges like 30-50 per month.

Corey,That all depends on your price range.

Hey BP friends,I'm putting together an excel sheet to calculate potential rental property deals and wanted to ask for some insight/criticism/refining regarding my monthly expenses.So far I have the following:Mortgage: $350*Vacancy: 5%Maintenance: 10%Management: 10%Property Tax: $210*Insurance: $100*CapEx: 10%*based on my price range in Arlington, TX.I have to say they have added up much quicker than I expected (which I was told would happen).