I gross about 66k a year from my job and have about 12k a year in unclaimed income from "househacking".

If your applicant makes 3.7 times the monthly rent, they should have no problem budgeting their gross monthly pay to make a single lump sum rent payment.

Appraisal came back at $115k.Rents for $1100/month Mortgage payment of $525 ($85,000).Tax $360/year Insurance $425/year Gross profit $510/month What made you interested in investing in this type of deal?

Add these together, and you get $6033/month gross income.

But economists expect our economy to gradually regain its footing in 2021, with gross domestic product rising 5%.

Well, if an average house can cash flow say $300 gross assuming 20% down plus closing cost on a conventional loan, and if you can do a BRRRR deal and say be only half out of pocket, would it be acceptable to only get $150 gross +? 

With all of the above, estimate your annual net cash flow: annual gross rent minus annual expenses (including vacancy), divided by the number of dollars you'll have to put into the deal (down payment, closing costs, any updates/repairs).

I was always frugal, but I tracked what I was saving out of my cash flows rather than simply my gross earnings. 

When rents are that low cap/ex/maint will take up a much larger % of gross rents so you need to run your numbers different.

1% rent ratio means 12% gross returns.