That could be another change, gross to net.

You should factor in an expense ratio of 35%-50% of the gross income then subtract the mortgage payment.

While nothing except Boston proper will be in the stratosphere with Silicon Valley, Maine prices are (and this is a gross generalization) about 1/3 to 1/2 what you'll find in Mass. 

Is the 20% gross income after tax?

Plus makes a gross of $5,600 a month?

LLC's in CA are hit with a gross receipts tax which adds up pretty quickly because it's not based on profits but rather the price points of your assets, if flipping it.

Applicants must be 18 years of age or older Basis of 3 times the gross income.Rental $1300 H Included (2) Bdrm gross income $50000 No evictions.

I understand the numbers don't look great, I just want to know if I'm being too conservative in my estimates (especially on the turncosts, capex, maintenance)Note this analysis assumes a cash purchase.Property InfoMyFourPlexOccupancyOccupiedSize2000 sqft | 1 bd apt homesYear built1960'sNeighborhoodClass CSale Price (USD)165,000.00Closing Costs1,200.00Rehab + Repair2,000.00Total Capital168,200.00RentMonthly Rent (4 units)1,935.00Vacancy Rate0.09Annual Gross Rent21,130.20Annualized ExpensesProperty Taxes2,100.00Property Management Fees (10%)2,322.00Leasing Fees245.00Property Insurance2,200.00HOA0.00Repair/Maintenence1,400.00Utilities (Lawn, Trash)1,600.00Annual Turncost (Property management fee + 1000/apartment)5,935.00Total Operating Expenses15,802.00IncomeNet Operating Income5,328.20CapEx Reserves1,600.00Total Net Cash Flow3,728.20CapRate3.23Cash-on-Cash (post reserves)2.22

(Works out to be just 19% of gross rent.)

I’m actually switching a property over to professional Property management due to my time is worth a lot more than the percent of gross I have to give up.