Is there a formula that you use to estimate these?

My purchase has to fit that formula.

I live in JACKSONVILLE area and it’s not easy to find a property that will bring you 10% straight cash flow even with out all the formulas associated with a good deal.

If you don't have the extra capital to withstand those headaches then it might be best to find a tenant that leases on an absolute NNN basis.There are a lot of options to look at and its not a one size fits all formula like a lot will lead you to believe.

The capital required to attain a certain surplus cash flow is a function of:1) Property profitability (net cap rate after expenses)2) Leverage (debt percentage)3) Cost of capital (principal+interest percent of purchase price).I derive the following formula.

.- Motivated Sellers ( How to tell if a seller is motivated)- Determining ARV (comps, MLS, Redfin ETC)- Formula for rentals (since this is buy n hold)- Estimating rehab ( might want to hire a GC for like $50 bc this is really hard to evaluate in the beginning)- Purchase Contract- Assignment Contract- Investor Friendly Title companies in your area- How to create a buyers list (networking at local meet ups/REIAs, posting on Craigslist, calling FSBO, Bandit signs ETC)I think that should get you started.

That's a quick and dirty formula we run on properties to decide in 5 minutes if its worth taking a closer look at or moving on.

The formulas we use are below.ROI = (Income - DebtService - ManagementFee - Insurance - RETax - PeriodicFees) x (1 - StateIncomeTax) / ( DownPayment + ClosingCosts)Cash Flow = (Income - DebtService - ManagementFee - Insurance - RETax - PeriodicFees) x (1 - StateIncomeTax)Notes:There is no state income tax in Nevada but we include this variable (StateIncomeTax) for when we compare properties in states that do have a personal income tax.We do not include a constant for vacancy rate or maintenance when we compare properties.

I'm interested in house hacking but open to other opportunities.Honestly, I'm still scared and my current thoughts are this: for my first purchase, it's ok not to cash flow or adhere to any formulas because as long as I'm paying less than I'm paying for rent right now, it would be an improvement in my situation and I will at least learn more by getting firsthand experience in buying real estate. 

Any rules of thumb or more formula-based approaches you use?