Question...I'm looking to get a mass housing loan which allows me to owner occupy a multi unit property up to 600k in the area that I'm looking (rough estimate).

Home Depot will come by the house to give me an estimate, as well the other people who came talk to me.I will compare all the prices and keep posting the results here.The project I'm working now will be a nice come back deal, very profitable if everything goes according to plan. 

Here is the numbers.Rooms: 6 bedrooms 2 bathroomsTenants:3 tenantsUnoccupied rooms: None Rent for tenants: 2825$/month = 941$ each Average yearly Income: 34, 200Property Listed Price: @$299,000 Offered Price: $290,000EXPENSESTaxes: $1722 per year = 200Insurance: 200 City water 150Lawn 160$ Estimate for Vacancies: 5% 142.5 Its actually 5.2% Repair: 7% 170Property Management (10%) 285-> She told me she can have a friend watch and care for the property for meMortgage: 5% down(14,500) at 2.3% for 1206(adjusted)Expenses total: 2228.52$/monthCash flow= 596.48 NOI: 7157.76ROI = NOIx12/14,500 = 49%Okay guys so Looks like my Cash flow and ROI is GREAT.

At that asking price how much are you estimating repair costs?

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.

The renovated value is estimated at $148,000.

In Georgia the same house may have similar taxes, but will look like this:50,000 FMV40% assessment ratio20,000 assessed value2.5% millage rate$500 taxesIn Alabama it might look like this:50,000 FMV20% assessment ratio10,000 assessed value5% millage rate$500 in taxes For a quick cheat multiply the millage rate by the assessment ratio and you'll get the effective tax rate and can use that to estimate taxes. 

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookConsider checking out HUD homes for small multi's owner occupied gets first crack.Download BP’s newest book here some good due diligence in Chapter 10.

Scott The Book on Flipping Houses, The Book on Estimating ReHab Costs http://www.biggerpockets.com/flippingbookDownload BP’s newest book here some good due diligence in Chapter 10.

Scott's books on flipping and Estimating Rehab Costs and have been spending a few hours every day reading BiggerPockets posts.