To keep it brief, I'll provide the high points (and spare everyone my analysis paralysis scribbles).I've been working on a deal for a buy and hold (two duplexes) that yield a gross rental income of $2400 / month.

at $308Vacancy (NYC) is 3% of gross monthly rents at $132Maintenance is 3% gross monthly rents at $132Fuel/Water monthly cost is $542 based on owner recordsTotal non-PITI expenses of $1114/monthTotal Expenses of $3422+1114 = 4536I would be living in one of the units so essentially I would be paying $1636/month to live here assuming I live in the 2bedroom unit.

The total gross rent is $1500.

As far as a fee...from the buyers perspective assuming your numbers are actually real:840,000 gross sales84,000 10% costs of sales/closing30,000 holding costs10,000 initial closing and condo doc completion/implementation$124k costsNet Proceeds after sales-- $716,000Net proceeds less acquisition price: $67,000After $20,000 fee to you; $47,000 maybe, best caseThe risk/reward doesn't seem that attractive.

You stated gross rents at $15,000.

It also means no middle of the night phone calls to you from tenants.While the 'sticker rate' many property managers quote is in the 5-6% of Gross Operating Income range, figure all in with assorted fees and charges it will run 9-10% of GOI.The key of course is to find a good property management company, one that is competent, honest and fair.

Plus the property he buys may have a renter and if he's using conventional financing he can utilize 75% of gross rents - entire mtg payment to calculate the monthly income or expense.

They say your rents should be 2-3% of the gross sell price.

But any way you slice it, it's hard to come out when the monthly rent is only 1% of purchase price, 12% gross per year.

tenant calls my assistant today, says she's got a rodent problem.....three months after moving in....guess who's gross and leaves garbage everywhere?...