I understand that this is an exercise, but do you have trustworthy "boots on the ground" in Indy that can validate your numbers for you and manage the purchase, rehab, and rental?

However, being that we are next to a gas station, they recommend Phase 2 testing to be sure.

Here is item 3 mentioned above1.Delivery of Property Information Items: Within 7 days after the effective date, Seller will deliver to the Buyer:a)copies of all current tenant applications and leases pertaining to the Property certified to be true and correct, including any modifications, supplements, or amendments to the leases (applications, leases, modifications, supplements and/or amendments to be made available to Buyer during regular business hours at the Property);b)current rent roll (showing lease rent, delinquencies, lease expiration and security deposits paid), certified by Seller to be true and correct;c)most recent 3 months bank deposits;d)a copy of Seller's income and expense statement for the Property for the last 36 months immediately preceding the effective date;e)copies of the Evidence of Insurance for all policies since the last renewal, including invoices, current policy, and copies of the last three years loss run from the insurance carriers for fire, hazard, liability and any other insurance policy that relates to the property;f)copies of all previous surveys, environmental assessments, geotechnical reports, studies, architectural, engineering feasibility studies, “as builts”, plats, or analyses made on or relating to the Property, including maps, plans and drawings;g)real and personal property tax statements and any appraisal notices for the Property for the previous 2 calendar years;h)copies of current capacity letters, and current utility bills from the property's water, sewer, gas electric, trash, phone and cable service providers for the past two years, or permission to access these accounts;i)copy of existing Property Management Agreement; a)payroll detail – 2012W-2s, YTD monthly, and most recent Y-T-D paystubs;b)a current inventory of all personal property to be conveyed under this contract and copies of any leases for such personal property;c)copies of all notes and deeds of trust against the Property that Buyer will assume or that Seller will not pay in full on or before closing;d)copies of all current service, and maintenance, agreements relating to the ownership and operation of the Property; including but not limited to: Laundry Lease, Cable/Satellite, Electric, Phones, Leasing, Commission, Advertising or other;e)copies of all current warranties and guaranties relating to all or part of the Property;f)current and past capital expenditures for the past three years;g)copies of all work orders for repairs incurred by Seller for the Property in the 24 months immediately preceding the Adjusted Effective Date; (work orders to be made available to Buyer during regular business hours at the Property)

such a general question and so hard to answer. here's an answer that you won't find useful at all - my gas bill is $75 per month. it's not useful to you since you have no idea what month i am talking about - cold or hot; what style house; how many square ft; where the house is located; etc, etc.to get an answer that suits your needs, you have to ask the question with more details.

I agree and disagree:) @Will BarnardI don't think you can take the cost of the car and maintenance, gas, etc unless the car is 100% business owned.

Made me wonder if the note was even valid anymore. 

This is normal in my market.Tenants already pay their own gas, electric, and water bill.For $25/month extra I supply a stove/fridge.For $25/month extra I supply a washer/dryer.I rarely have anyone take me up on this offer. 

In the process of purchasing the unit the seller let us know that one of the units gas, water, sewer and electric is actually paid by his unit (shared) but that tenant only pays a monthly rent with utilities included. 

For our properties with gas furnaces, we enter about 4 times a year to check on the HVAC system, replace filters and check CO alarms.

I always tried to stop and get gas at the Admiral station right there at the exit, as it consistently had the best prices.