I don't know if the 9.32% ROI is based on net operating.

You would need an operating agreement.

The creation of the CFPB lit a lot of fires under other regulators - state and federal and the intertwining complications between retailing manufactured homes and lending on manufactured homes suddenly emerged from under the radar to being in everyone's gunsights.There are ways for small operators to still function, but not without cost, and not without complication.

My name is Kevin and I'm a wholesaler operating in the state of Florida!

If the total of mortgages, insurance and taxes is $20K as Ryan calculated, it is essential you accurately identify all of the operating expenses. 

If that is the case, consider exploring the ROBS 401k which is a type of 401k that allows one to invest in their own real estate operating company and also draw a fair salary. 

@Eric Hathway I have a good friend who owns/operates http://www.portsmouthatlanticins.com/ and has always been super helpful.  

& Credit Loss (5%): $1,734 (I include the laundry income in this calculation because it is safe to assume that when you experience a vacancy, you will experience an equivalent proportionate loss in laundry usage).Gross Operating Income: $3,2946RE Tax: $5,237Insurance: $1,200Lawn: $870Fuel: $636Electric: $240 (seems low for 12 months of laundry)Water/Sewer: $2,029.94Property Management (10%): $3,294.60Repairs & Maint (5%): $1,647.30Total Expenses: $15,154.84OER: 46% (Lower than 50%, yes, but the 50% rule is for quick assumptions and somewhat worse-case. 46% is realistic for a multifamily, but you still need to verify all of the known variables to be accurate).NOI: $19,525.16CAP (assuming $245,900): 7.94%Now, I don't know the prevailing CAP Rates for 3-families in that part of Manch, but I would have thought they would be better; thereby suggesting that the price is too high.Cash Flow: I'm going to have to make some assumptions here.

Tim TrumbleOnline Operations, NACA

You are buying an operating business, to value the business, you need to know how much cash flow it is throwing off.