And starting out, with self management, it’s OKAY to not count the property management fee….I know that’s un-popular on BP but I feel like that thinking came during the era of deals being bought during 2010-2015 when everything was low from the last crash and doing nothing but go up during the last bull run….I used to worry about every penny on net cash flow and for me, it was a type of analysis paralysis…..investing beyond cash flow has set me free and let me factor in so many other things like appreciation, equity growth, and reduction of taxes paid especially being self employed now… That is WAY more than you asked me….but I am just saying keep doing the analysis but man at some point you will only know what the net cash flow really is by having something giving you CF….and in reality it is not always perfectly predictable - someone loses a job and stops paying, breaks a lease, a hot water tank goes out, etc, and it wipes out CF for awhile and doesn’t fit into the perfect 5% capex / vacancy reserve formula…just my opinion.   

Pay the bill yourself, then reimburse yourself by charging the tenants based on a formula.

Others is property value, which is regularly marked to market, often with opaque formulas.  

Pay the bill yourself, then reimburse yourself by charging the tenants based on a formula.

You just have to find the right place and the numbers have to fit your formula.

NOI is a pre-tax calculation, which means all taxes are excluded from the formula.

I'd argue putting in the work involves understanding numbers, statistical significance, and what different investment formulas are doing.My question to you would be how are you letting AirDNA project your revenue? 

The XIRR and IRR functions in Excel are nearly identical besides one critical difference: ✔️ Timing Assumptions - - The IRR formula assumes there are equal time periods of a year between the cash flows of a project.

Sometimes Vacation Rental Formula newsletter goes into that kind of meta look at the industry.

Is there some sort of formula to try and figure this out?