I have to rule out plumbing, HVAC, or electrical due to the fact that the house isn't even roughed for these systems yet.

Are the maximum rules per room federal or state?

Kenneth I think he's saying that the rents are $1100/unit, so it would gross $4400 (~3800 since it's owner occupied with room mate),50% rule would leave him with 2200 in expenses which means he'd be losing3800-2200-2579.15= -979 all included (hopefully).At least that's my newbie analysis.

No, as a rule, at least in our climate, you don't have to have a dryer on it, usually it drying too fast is more of a problem.

For hazardous waste removal and other junk fees.My rule of thumb these days is to allow -20% profit on a major systems job (roofing, AC replacement)-$2-$2.25 per sq ft of fooring (Tile Hardwood)-$175per day/$25 hour/ per man for painting and handyman workI guess if a plumber can get $500 an hour then more power to him, but hes not getting that from me.And I can relate to your plumber story.

I think it is a pretty typical of rules to control college student rentals.

You're applying this (stupid) rule backwards.

I've never heard any great coming out of that town except for Erin Brockovich (http://www.brockovich.com/)A basic rule of investing is that you need to know what you can sell something for before you can decide what to pay for it.

Don't rule out investing in Dallas though too, that is one of the hotter markets.

I think the old rule of thumb is you'll close on one of every hundred offers.