This could be as simple as raising rents, filling some vacancies, or making physical improvements.2.  

I'd have to take into consideration all the usual expenses such as taxes, repairs, interest on note, cash down, vacancies, etc. so I get that, and I also have found resources that can help you understand what comparable rents may be going for in the area, but beyond that, I'm not sure how to value if it's a good purchase to rent or not.These are obviously newbie questions so if there's a link to point me to, that would be awesome.

Say 10% for property management, and another 15% on top of that for vacancies, repairs, etc. which I believe to be conservative (but am just pulling out of my ***), and that leaves me with $487.50.

I would really appreciate any feedback you could offer.Purchase price: $470,000 (cash)Less Vacancy: $8,793Total rental income: $66,645Plus utility income: $8,500Effective gross income: $75,145Less expenses: Repairs: $7,280 Payroll: $3,380 Administrative: $1,170 Marketing: $234 Professional fees: $1,102 Utilities: $10,522Total expenses: $23,688 Taxes: $1,339 Insurance: $1,394 Management fee: $4,509Total operating expenses: $30,929Net operating income: $42,915Does this look like a good deal?

After all things taken into consideration (taxes, expenses, vacancies) what do you guys consider a good deal?

I'm still waiting on my first property but I've heard MFH in Indianapolis are tricky -- mostly due to the numbers looking good on paper but the vacancy factor being the issue.

To evaluate an investment I include property management, possible vacancies, maintenance, and capital reserves.

Would 8% or 7% going forward be high enough vacancy rate for this area and unit type?

You would eliminate virtually all long term risk of market conditions (and losing all your equity), eliminate vacancies, eviction and litigation.  

If nearby rentals have a feature included that your unit lacks, you can expect to have a lower rent and even a longer vacancy to fill the unit.