The housing market in south florida is pretty tough for my budget (150k)I was pre-approved for a loan up to for a first time buyer /owner occupied loan.

Hi,I've never calculated vacancy rates other than "back of the envelope" awareness that ours are far better than the 8% I budget.

What I mean by that is starting off by looking at your finances as if your goal was to go get a bank loan-  - Keeping a budget and a writing down where all your income and expenditures go - Check your credit on bankrate.com- Go to a bank and ask them what they would require to see if you were applying for a home loan (hint: tax returns for previous 2 years, W2s for previous 2 years, pay stubs for previous 2 months, a personal financial statement, bank statements)-You might get denied, but the whole point is to get organized enough so you learn about the process by doing.

Call utility Co and ask, although they try to get out of it by claiming confidentiality, I just ell them I'm looking at the unit to rent/but and need to know "rough numbers", they will often will say what a "budget plan # is", as in a locked in monthly electric bill of $180 for a smaller all electric home I own, but not what the current occupants' exact bill is. 

I would be able to budget for PITI, vacancies, repairs, and PM and still be able to CF at least $300 per month.

Asking Price: 260,000ARV: 240,000Offer Price: 210,000 20 % down on 30 yr fix 4.125% conventional loanClosing Cost: 10,000Target total cost: 220,000Monthly P&I Payment: 1,800 - 2,000Annual Tax: 9,275 Potential get down to 7000 - 8000 Rental Income: 2100 - 2400 Potential 3500 if sublet by roomPotential cash flow 600 - 1200 monthlyRenovation budget: 20,000 (needs kitchen)Features: 6 Parking SpotFinished AtticFirst floor office space2nd floor 4 BRNear Train station to NYCIs there any other thing I need to add and what do you guys think?

Even the very best investors go over budget and hold properties longer than they expect to.

Ca$$h is king, team up and go for it.New York metro is too expensive for your budget, try either Sullivan county Ny or new Haven county Ct.You got find your niche!!!

Loan is a fanny home path for $275K with a 75K reno budget. 

Our budget is around 250k don't really want to spend anything over that.