I wouldn't normally consider that part of the "50% rule" of operating expenses (which Brett is right, is good to break out, at least a few times just to see what goes into it).I would normally consider that "below the line" of NOI and include it as an extra financing expense beyond the yearly mortgage payments.If I analyze this with 5% down and a yearly PMI cost of 1% of the loan balance (a rough # I came up with just by Googling - it varies depending on down payment and credit rating), it drops to a yearly cash flow of $352, a 4% cash on cash return and a dangerous 1.03 debt service coverage ratio.I'm looking at it as:   Yearly rent-  operating expenses (50% or broken out)= net operating income- annual debt service (monthly P&I mortgage pmts x 12)- annual mortgage insurance premium= free cash flowI think the most important thing which makes this a deal or no deal is the financing - how much you're going to have to put down, how much the mortgage insurance would be, what ratios the lender is going to require.I'd recommend investigating your mortgage options before going further with this or another property.

Is it professionally cleaned, fresh paint, etc?

What is my best method for investigating these?

Maybe someone who can take the time to investigate a property with me to understand what its going to take and cost to update certain properties im interested in using the BRRR technique on.  

These can include flooring (replace carpets), freshly painted walls, check that windows are in good working order.

@Amy ClarkHave you investigated Lease Options in TX?

Or is it good to investigate further.

If you have to go with an alternative solution like a no income verification or one that is a little more forgiving when it comes to credit, they're out there, but the time to investigate those options is now, not after you've purchased the property.  

go study RealWealthNetwork materials.Here you also need to investigate the KOOKs who are recommending whatever.......lol.Thx for that tip, Zeke. 

I'd start fresh and advertise for new tenants.