Or perhaps just factor in a higher vacancy rate into your reserves calculations?

You won't cash flow after accounting for Vacancy, CapEx, repairs, and management.

Multi-family properties are even better because one can weather the vacancies.

Permitting that I rent it out, I feel like I wouldn't be making much cash flow on the property, accounting for putting away CapEx and vacancy savings and especially if I have a management company look after it once I move.

Even though you can use other people's money to purchase and rehab, it seems like you'd need a certain level of cushion for unexpected repairs, vacancies, or emergencies that might come up before the property has had enough time to build up its own cash reserves for such things. 

Some key indicators to use:- purchase price- rehab costs- ARV- market rent- vacancy rate (usually 5% of gross rent)- property management fee- maintenance - mortgage payment if using debt, sounds like your not.

What is your vacancy rate?

Here is my deal analysis:PURCHASEPurchase Price$120,000.00Down Payment$24,000.0020.00%Closing Costs$3,240.00Mortgage$437.00INCOMEMonthly Rent$1,200.00EXPENSESProperty Tax$267.00Home Insurance$85.00Vacancy$50.004.17%Maintenance & Repairs$60.005.00%CapEx$96.008.00%Water & Sewer$80.00Gas$0.00Electricity$0.00Total Expenses$638.00DEAL ANALYSISNet Operating Income$562.00Monthly Cash Flow$125.00Cap Rate5.62%Cash on Cash Return5.51%So when I first looked at this deal, I saw there was long term tenants (so lower vacancy), the living spaces of the property were actually very nice for a MFH, and the price was attractive.

I know loopnet is a good spot, but have never used it to market vacancies.

If the area is tough to rent in vacancy can be a killer.