General Rule of thumb to use for SFR, but can be a quick guide for what you're looking at..1% for A neighborhoods1.25% for B Neighborhoods1.5-2% for C Neighborhoods2+% for D Neighborhoods.Not sure of the exact location, but I would venture to say you're probably in the C range in Madison and the way she is charging tenants/ vacancies.As-is with vacancies I would estimate $390,000.Completely Occupied / No major deferred maintenance $590,000.I'm curious to see other peoples thoughts on this too..

Keep me posted on your ventures and I'll do the same!

I wouldn't necessarily let some calculator stop you from pursuing an opportunity.

So then the PM guy who I thought was my guy, starts pulling out the stops and throwing around words like lawsuit, withholding rent, you name it.  

Though it will take diligence, go for the local deal if you possibly can.I wish you all the best with your new venture.

If the municipality decides to stop allowing this because hotel folks convince them it is making them non-competitive or the land use code is changed to disallow things your business economics can evaporate over night.  

Ok....let's stop with the lawyer speak for a second.

but you don't stop driving do you? 

If you are looking to purchase 2 properties make sure you can get financing for both before venturing into the first deal if you are seeking loans on both.I would suggest to keep your eyes open on a foreclosure or short sale if you are very handy and like to fix things up.  

I am finally at a point where I am ready to take the plunge and stop reading and start doing.