I have to admit I am intrigued by doing this entire flip without seeing the property because that would allow me to fully utilizing my marketing abilities to go well beyond my current city if I can outsource every step of this process. 2 weeks in and we have an assignable contract with 40K in estimated equity.

In my experience, property going up for bid by either a Marshall or sheriff is the most likely to have other liens on them, particularly IRS, property taxes and utilities. 

Is there a super spreadsheet or software out there that can handle things like:-Vacancy of single units in a multi during a rehab and the associated costs (utilities during rehab)-Projected capital expenses at a specific time...parking lot resurfacing in June of year 3-Seasonal expenses like snow removalMy point is that a percentage of something is too generic and does not represent how cash really flows.  

Property Purchase Purchase Price $ 215,000.00 $ 215,000.00 Down Payment % 30.00% 30.00% Down Payment $ 64,500.00 $ 64,500.00 Mortgage Amount $ 150,500.00 $ 150,500.00 Mortgage Interest Rate (annual) 3.500% 4.375% Mortgage Amortization Term (years) 15 30 Mortgage Monthly Payment $1,075.90 $751.42     Property Rental Income Annual Vacancy Rate 0.00% 0.00% Monthly Rent - Unit 1 $ 1,700.00 $ 1,700.00 Monthly Rent - Unit 2 $ - $ - Monthly Rent - Unit 3 $ - $ - Gross Monthly Income $ 1,700.00 $ 1,700.00 Potential Annual Income $ 20,400.00 $ 20,400.00 Less: Vacancy $ - $ - Annual Rental Income $ 20,400.00 $ 20,400.00     Annual Operating Expenses Property Taxes $ 1,662.00 $ 1,662.00 HOA Fees $ 2,496.00 $ 2,496.00 Insurance $ 201.00 $ 201.00 Utilities $ - $ - Leasing & Advertising $ - $ - Property Management $ - $ - Repairs $ - $ - Maintenance $ - $ - Accounting & Legal $ - $ - Total Expenses $ 4,359.00 $ 4,359.00 Monthly Mortgage & Expenses $ 1,439.15 $ 1,114.67     Net Operating Income & Cash Flow Summary Annual Rental Income $ 20,400.00 $ 20,400.00 Less: Annual Operating Expenses $ 4,359.00 $ 4,359.00 Net Operating Income $ 16,041.00 $ 16,041.00 Less: Annual Mortgage Payment $ 12,910.78 $ 9,017.09 Net Income / Cash Flow $ 3,130.22 $ 7,023.91 Net Income / Cash Flow (Monthly) $ 260.85 $ 585.33     Less: Depreciation Expense (1/27.5 of cost) $ (7,818.18) $ (7,818.18) Taxable Net Income (Loss) $ (4,687.96) $ (794.27)     Property Metrics & Analysis CAP Rate 7.46% 7.46% Gross Rent Multiplier lower is better 10.54 10.54 Cash on Cash Return (CoC ROI) 4.85% 10.89% Cash Flow Profit Margin 15.34% 34.43% Cashflow / Assets 1.46% 3.27%

@Jeff Arndt I don't use them, but I've heard good things about Synergy Utility Billing.

@James Bynum, is there an option to utilize another (traditional trash cans) trash service in that area?

Quick QuestionAre you taxed on rental income aka the total rent you charge per month or are you taxed on the cashflow after mortgage, interest, insurance, HOA fees, utilities, fixtures, etc. etc. are all paid?

I did an analysis on this property myself (but very new to the process) and couldn't determine a way for it to cash flow without decreasing the price (I also didn't have a sound understanding of the utility expenses either so that could change things)Do you mind sharing your analysis so that I can learn from what you did/how you made the numbers work?

We would need to split the utilities so that the units could be billed separately per zoning requirements.  

I've been working in CRE brokerage in Nashville for almost 3 years now and I'm looking to grow my pipeline even more by utilizing a prospecting software.