Location, amenities, and any number of other factors will play into it.Don't be afraid to contact the seller and ask for historical expenses and turnover rates.

If you want the quick formula for your SFR:PGI (potential gross income)-VCL (vacancy and credit losses)+OI (other income--laundromat, cable etc)=EGI (effective gross income)-OE (operating expenses)=NOI (net operating income)If you get financing, you do not factor that into this equation.

I guess you have to factor your commute time also. 

Will a conventional lender use the 3k or the 1.2k to factor my DTI?  

I’ve filled out some refinance applications and have found out that with the increase in value of the property over the last few years among other factors, I am able to get about $40,000 - $50,000.

Since you only intend to do one deal at a time (now) understand the job job of your mail piece: it's ONLY job should be to get the prospect to take the next action step, such as call you, write you, go to a website or landing page, etc.There are so many factors to consider. 500 mail pieces is statistically too small to really derive any actionable feedback.

Any major factors here to be concerned with as I model this?

What percentages do you use or what other factors drive your rent increases?  

As attorneys, we are limited in the information we can provide as we could be exposed to potential issues ourselves for providing legal advice and potentially establishing an attorney-client relationship.

Since REI (buy and hold) can be a long term investment for many (5,10,15+ years) I believe it's imperative that you factor in time value of money into any analysis.