Other alternative is to hire an agent or employee to handle the rental process.

Sylvia, there are no CIA employees living in Douglas County, I'd bet on it!

Look at the prices and the availability calendars to guage how much gross income they bring in.  

Listing with an agent should also bring corporate clients that usually solicit the help of big realtors to find accommodation for their employees on the move.Good luck!

@Larry T My logic using the 50% rule is: $1200 per month rent - 50% = $600 per month gross income - $200 interest portion of mortgage payment leaves me $300 net income and $100 principle.

Gross.

I believe they'll use 75% of gross rents minus the PITI payment to determine what your income from the property is.

Very general rule of thumb for this market is to shoot for 1% monthly gross return in 'A' areas, for 1%-1.5% in 'B' areas, for 1.5%-2% in 'C' areas, and for 2%+ return in 'D' areas.

I am thinking about hiring an employee (and family member) to help grow the company. 

Here are the numbers:Asking Price $495,000(they had it listed at 399 about a year and a half ago)Year Built: 1995(10) 2/1 units, 1100 sq ft townhouse style with laundry in attached shed, very poor design on laundry in unheated space)$6175 Gross monthly rent (9 units@625, 1 @ 550)$74100 Gross Annual$6272 Taxes$1900 Insurance$7410 Property Manager (figuring 10%)$950 Garbage$4968 Water/Sewer$7410 Maintenance and repairs (figuring 10%)$1200 Snow/Lawn$7410 Vacancy (figuring 10%)$37520 Total Annual Expenses$36,580 Net Operating IncomeThinking we could get it around $425,000 so 8.6% cap rateI know I need to factor in the loan/closing costs, I'm in the initial phases of finding out what that would be.