Gross rent multiplier (GRM) -- is a quick way to assess the property against others. 

The 1% rule mentioned is the gross monthly rent should be at least 1% of the all in after repairs price of purchase. 

@Patti Robertson @Frank Hinck I spoke with the contractor again and he clarified he charges 10k up front then 10% on the end on the net not gross, so I had the information mixed up.

This is referred to as your debt to income ratio (the ratio of your gross monthly income to your monthly liabilities - student loans, auto payments, credit cards, and proposed mortgage expense.)

A few things weren't done: windows were supposed to be caulked, the front hand rail was supposed to be secured so it didn't wobble, the two vacant rentals were not broom ready and were a gross mess, etc.I was ignorant to the fact that I needed to verify repairs were completed properly prior to closing.

I created a Google Sheet with every market on the BP sub-forums (or at least as close to those markets as I was able to pick) listing their price to rent ratio (AKA gross rent multiplier) and median home price from Zillow data.

With the gross amount that I make every month divided by my very small credit card bill, I have a 2% back end Debt to income ratio.

I'm in the market for the same but unfortunately here in my area $1MM is more like 5-8 units.Obviously the location and asset class plays a major role here but I'd want at least $10k/month gross rents.I'd also be looking for value-add so I can create additional equity to tap into rather than leaving my capital parked.

That translates to more than $500 billion over a nine-month academic year—or 2.3% of gross domestic product—if schools nationwide stay closed.

As an example (guestimates on a 400K property in Hamilton based on past investing in Kitchener):Income (rent): $2,000Expenses (per month): $740Property tax: $200Insurance: $150Property management: $100 (5% of gross rent, this would be very good)Water tax: $40Maintenance: $100Capital improvements $100Landscaping / snow removal: $50NOI (Income - Expenses): $1260Debt service (Mortgage), assuming 80% LTV, 3%: $~1,500Cash flow = $-240/month (and that's being generous; I haven't allowed for vacancy).