Heres the way I calculate it,(Gross Scheduled Rent) - (Vacancy rate (at least 5-6%)) = Operating Income(Operating Income) - (Repairs & Maintenance + Utilities + Taxes + Insurance + Management Fees (at least 8%) + Replacement reserve (capX)) = NOIThen I simply divide the asking price by the NOI (Asking Price /  NOI) to get the cap rate.I can't find anything above 5 or 6 % at best, am I doing something wrong or does the MLS just suck that bad??

hi amy. i am originally from michigan myself. grand rapids area. this house sounds like a decent deal, and if bank number one doesn't want to help, find another bank until you find one that will work with you. every bank has their limits on certain types of loans and on this one, the first bank may be maxed out, nothing to do with you or your credit or anything, its just where the bank stands within themselves. absolutely look for another bank. look until you find the one that will work. your own home is NOT an asset, it is a liability. when you buy a house to live in, you just bought a mortgage payment with interest, a phone bill, a gas bill, a tax bill, and maintenance costs. the only thing you can do with your own home is pull out your equity when you have some and use the money to buy another house that is an investment. i am not saying to not buy it, but use it to your advantage

Even though I receive less from them overall, they are much less stress and maintenance.  

The numbers up there are all spread out... this is what they look like put together.Purchase price- $47,999Tax value- $110,000Monthly Rental Income- $825Taxes- $1,312Vacancy- 8%Management- 10% (self managing)Repairs/Maintenance- 10%Misc.- 10%

Or the maintenance expenses?

Super easy to rent out, better appreciation and low maintenance.

The comps in the area state that this property should bring in at least 1100 per month.The exterior needs some maintenance, mostly cosmetic including minor water damage on trip boards and paint.

Very little maintenance issues due to the simplicity of the structure.

I have 9 older SFH's and maintenance is getting to be a real pain. 

I am looking at town houses to get the maintenance low and rent faster.