Currently, we are negotiating some minor repairs to the property and ending due diligence.

Here are the numbers,Purchase Price: $165,000 as-isFinanced: $123,750 (25% down, couldn't put any less down with a conventional lender)Mortgage Rate: 5.25% (no points); 5.35% APR -rates are on the rise it seems.Estimated closing costs: $4,500Initial cash invested: $46,310Gross Rent: $1,725 ($875/$850)Operating Expenses: $815 (includes mgmt fees @ 10% & capex of $275/mo)Cash flow: $140.77Principal reduction: $142Cash-on-cash: 3.65%Total ROI: 7.4%Possible near future repairs: Roof (Estimated at $4,000); windows (Estimated at $5,000). 

I can pay off my first rental property (condo)for $50K and enjoy a cash flow of around $515 per month or $6180 per year which is around 12% ROI assuming 100% occupancy and zero repairs (which has been almost true for the past 9 years) Or, I could use the $50K on a down payment on a new property.

Purchase price was $162 with private appraisal for after repairs before purchase at $225 open market estimates are $275k we put $16,800 cash into the down payment.

Any repair/install/asset for IRS purposes is always the total cost it took to get the asset and put it into service. 

After you factor in taxes, property management (if needed), repairs, vacancies, utilities, whatever is leftover is yours to keep.

I’m looking into a 6 family in NJ that is on the market for 550k...the gross annual rents are $83,400...taxes are $14,489...insurance is $2,600...utilities about $2,000...repairs and maintenance about $5,000.

Don't take the wholesalers word for it.Second, make sure you run your own construction people through the property so you have a realistic number for repairs.

Most have money coming in on the first and few expenses(mortgage payment, utilities, possible repairs, possibly property management fees going out). 

So I have a property that cash flows 175 a month after mortgage, property manager, repairs, and vacancy.