I know zoning, utilities on site, wooded/clear lot, location, ect. all plays a part in value but not sure where to start and I know tax assessors evaluations can be far off.I'm an open-minded kind of guy and even though this isn't necessarily what I targeted, if there's an opportunity..

Separate utilities, laundry and each has a one car garage with individual access.

My bank will not provide a loan without verification that all the utilities in the given property are functional.

My dad lives nearby though and is interested in real estate as well so he would be my boots on the ground.Here are their numbers:Rent: 14,250.00 monthTaxes: 15,300 yearInsurance: 6,800 yearManagement: 8%Maintenance: 13,000 yearUtilities: 3,600 year (they say tenant pays utilities so not sure what this is)Lawn: 900 yearPest Control: 600 yearLegal: 600 yearVacancy: 10%I also assumed 5% for Cap Ex… not sure if that is a good number?

The current owner is shopping it around for 1.35m (7cap) and the proforma numbers are as followed: ANNUALIZED INCOMEActual MarketGross Potential Rent $191,639 Less: Vacancy ($5,749) Effective Gross Income $185,890 Less: Expenses ($91,497) Net Operating Income $94,393 Debt Service ($65,592) Net Cash Flow after Debt Service $28,801 Principal Reduction $17,403Total Return $46,204 ANNUALIZED EXPENSESActual MarketProperty Management Fee $9,582 Replacement Reserves $5,250 Building Insurance $6,712 Maintenance $12,560 Taxes - Real Estate $36,296 (37220 w/o exception)Utility - Electricity $2,453 Utility - Gas $12,369Utility - Water/Sewer $6,275 Total Expenses $91,497 Expenses Per RSF $8.39 Expenses Per Unit $4,357I did some additional digging and found that they offer Wi-Fi for the building (I talked to a rep and said providing service for a building that size should run 285 a month) and the trash was left off which runs about 285/month.

Hi Leslie, I unfortunately from time to time have to utilize mold remediation services.

Operating expenses include utility, payroll, landscaping, pest control, taxes, insurance, repairs and maintenance to name a fewThese are expenses, different from capital expenditures such as fridges hot water heaters and flooring.  

If it dose make money, then you want to run the numbers again without your rent included to see where you are at.At this point usually you can live for free or just the cost of utilities. 

Additionally, after 24 months of payments, you can also utilize market appreciation rates as a basis for the removal of the PMI. 

Income 51,000Expenses 13828 (I included utilities here)Depreciation 9953Taxes 13003Interest 9593Insurance 6089 (most of this is pmi on one of the loans.