Check local rents (Zillow, Rentometer) and cap rates—Cleveland’s market favors long-term stability.

Quote from @Jaycee Greene: A few things I noticed, in addition to having the tenant pay the utilities are:1) Incorporate annual increases in rent higher than 2% (in your area, maybe 4%-5%) with a slightly smaller increase in operating expenses (say 2%-3%)2) With a gut rehab, I'm not sure why you need to spend $128/month on cap ex, at least for the first year or 2.3a) An 80% cash out refi is probably going to be hard to get.

When it's sold it will be taxed as capital gains tax and may also have some unrecaptured depreciation which is capped at 25% and  recaptured depreciation as well which can be up to your ordinary income tax rate.

HI @Jaycee Greene, the current cap rate is 6.79%.

With higher interest rates cap rates have expanded and the property is no longer worth that higher price, but some owners are still hoping to get that high price. 

Licensed with permits ~$3,250.HWT standard gas single family low efficiency without exhaust retrofit $900.Sand and stain hardwood floors, natural stain $3 per sf.Paint interior walls, ceiling trim and doors 3 tone paint scheme 2 coats $3.20 per sf (floor area cost includes paint)Click lock LVT flooring install overlay inclusive of prep and quarter round $4.50 per sf (materials and labor)Asphalt roof installation 3/1 - 800 sf bungalow with 2 layers of shingles - ~$7,900Standard porch cap replacement with 2 new precast concrete steps ~$2,500Used stove or refrigerator delivery and install $350New stove or refrigerator delivery and install $HD model specificUse this as a general guideline. 

The LPs have only ever received one distribution because the GP team wisely held further distributions because they realized that when the rate caps expire, we are going to have a huge cost to by new rate caps or possibly a cash in refinance. 

You will have to verify those yourselves to ensure you end up with correct operating expenses.Quote from @Andrew Newcomb: Just following up on this in case anyone is still following:I learned about "cap rate" and "cash on cash" metrics in the BP learning articles and watched a couple vids on the BP rental calculator showing how it calcs those metrics for a prop (you have to add the details like loan info, expenses, etc). very cool tool.

looking for a new CRM. I currently use Followupboss, prop stream, I alternate between calltools and mojo, I've also tried smarter contact
Im looking for a CRM that incorporates all of this but Im not paying a crazy a...

Some are on septic and well systems and not regular water and sewer.The more you go suburban to urban core with upgraded construction the more the cap rate tends to drop but generally better loans available for well located assets and a strong tenant.Without knowing expected proceeds from the exchange, if you will add additional funds to the down payment, what purchase price you are wanting, what area of the U.S. with cold belt versus warm belt states, etc. it is hard to comment further.