After a few months the seller actually came back with an offer that worked great for all involved and we put the deal back together.

It cash flows about $400/month currently.Currently the rent for the duplex is $1,120 with a mortgage payment of $1,193.

For potential profit I’d have to rent $2500+ monthly.  

These groups typically hold monthly meetups with speakers who discuss various industry topics.

Our recommendation is sub-metering, for the following reasons:-You will get monthly reads instead of quarterly, so any leaks or other abnormal usage can be addressed faster (this one benefit alone could save you thousands on a water bill).

You will just need a signed lease and possibly a security deposit/first month's rent prior to closing on the refinance since the appraisal will mark the property as vacant. 

However, landlords may subject the tenant to a minimal penalty which usually amounts to two-month rent.Both parties mutually agree to break lease agreement early.Either the landlord or tenant may ask the other party to break the lease early.

Goal is cashflow of 30k/month, but again have to start somewhere. 

Currently it is not cash flowing, and after mortgage/taxes/insurance/maintenance, it is probably losing ~$1,300 per month (eww).

It also is worth approximately $140k more than my property is currently worth.My question: when evaluating renovations, is the math as simple as (Additional rent expected per month due to renovation * 12 months/yr)/total cost of renovation = ROI.